Survivorship Agreements

1. Make sure you live in a condominium state in which survival clauses are allowed. The states that will follow the rules of common ownership starting in 2010 are: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. 2. Set up a list of objects that will pass directly at the time of death through a right of survival agreement. Houses, land, bank accounts, investment funds, vehicles and other major investments are examples of real estate to which the right of survival applies.3. Go to your local district registration office and receive two types of deeds to establish an agreement on the right to survive real estate (land and houses). The first act must be a “deed of co-ownership”. This deed is signed by both parties and then submitted to the County Recording Office. It provides that both owners own an equal but separate share of the property. The second act is the right of survivorship.

Remember to choose the right type of right of survival, depending on your relationship with the person. 4. Fill out the deed and sign it in the presence of a notary and in the correct order, then submit the deed to the district reception office.5. Write a paragraph about the right of survival in your will for all other types of property. In order for the agreement to legally be considered a survival contract, use the following example and fill in the fields as needed: “We, ____ List the property referred to in the paragraph. Indicate the signature lines for both parties, three witnesses and a notary. The joint rental agreement for survival bypasses the succession process which, moreover, applies when the assets of an estate are transferred to survivors. To do this, owners should go to their local jurisdiction. In court, the property for sale would be divided equally among the other owners on the basis of the contract of sale. If the objective is to sell it to another person apart from the other original owners, the buyer of the part of the property should be transformed into a common co-owner with the other original owners. With this type of agreement, the buyer would still be able to use the entire property….