Marcus and Diana are married and purchase a home in Greenville, South Carolina. They want to ensure that if one of them dies, the other will automatically inherit the full ownership without going through probate. Which form of ownership should their attorney recommend they use in South Carolina?
Correct Answer
C) Joint tenancy with right of survivorship
To achieve automatic survivorship and avoid probate in South Carolina, Marcus and Diana should take title as joint tenants with right of survivorship. S.C. Code Ann. § 27-7-40 allows any two or more persons to hold property as joint tenants with right of survivorship if the deed expressly states this intent. Upon the death of one joint tenant, the survivor automatically becomes the sole owner by operation of law, bypassing probate.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
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