Under Virginia law, which form of co-ownership automatically passes a deceased co-owner's interest to the surviving co-owner(s) without going through probate?
Correct Answer
B) Joint tenancy with right of survivorship
Joint tenancy with right of survivorship (JTWROS) is the form of co-ownership in which, upon the death of one co-owner, that owner's interest automatically passes to the surviving co-owner(s) by operation of law, bypassing probate. Virginia recognizes JTWROS when the deed expressly states the survivorship right.
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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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