Does right of survivorship override a will in Texas?

Right of Survivorship vs. Will in Texas: Understanding the Precedence

In the state of Texas, the concept of right of survivorship holds significant legal implications with regard to property ownership and distribution upon the death of an individual. This article aims to clarify the relationship between right of survivorship and wills, ensuring that individuals are aware of the applicable laws that govern the transfer of property upon their passing.

What is Right of Survivorship?

Right of survivorship is a legal principle that applies to jointly held property, such as real estate or bank accounts. When two or more individuals own property together with right of survivorship, upon the death of one owner, the deceased owner’s interest in the property automatically transfers to the surviving co-owner. This transfer occurs regardless of any provisions set forth in a will or other legal documents.

Survivorship Agreements in Texas

In Texas, survivorship agreements are commonly used to establish right of survivorship in property. These agreements are typically entered into between co-owners who wish to ensure that their property will pass directly to the designated survivor upon their death. Survivorship agreements supersede any provisions in a will that would attempt to distribute the property differently.

Will vs. Right of Survivorship

A will is a legal document that individuals can use to outline their wishes for how their assets and property will be distributed after their death. However, in Texas, survivorship agreements take precedence over wills when it comes to jointly held property. This means that if you own property with right of survivorship, your designated survivor will automatically inherit the property upon your death, even if you have specified a different beneficiary in your will.

Exceptions to Right of Survivorship

There are certain exceptions to the right of survivorship in Texas. For example, if a will is executed before a survivorship agreement, the provisions of the will may still apply to the property. Additionally, a will can be used to create a life estate with the remainder interest passing to a designated beneficiary upon the death of the surviving co-owner.

Importance of Estate Planning

While right of survivorship can simplify the transfer of jointly held property, it is important to understand the implications of this legal principle and how it may impact your overall estate plan. Consulting with an experienced attorney can help you ensure that your property will be distributed in accordance with your wishes and that your will remains effective.