Joint Survivorship Agreement Law and Legal Definition
A joint survivorship agreement is one in which spouses may agree between themselves that all or part of their property, then existing or to be acquired, becomes the property of the surviving spouse on the death of a spouse.
If an agreement in writing is signed by both spouses, the agreement is usually sufficient to create a right of survivorship in the community property described in the agreement if it includes any of the following phrases:
- "with right of survivorship";
- "will become the property of the survivor";
- "will vest in and belong to the surviving spouse"; or
- "shall pass to the surviving spouse."
Laws governing survivorship agreements vary by state, so local laws should be consulted for the specific requirements in your area.
