Survivorship Legal Meaning and Definition

Here is a simplified definition of the legal term Survivorship.

Survivorship (noun)

Survivorship refers to the legal process where ownership of a jointly-held property or asset automatically passes to the surviving owner(s) when one co-owner dies or ceases to exist. This process is primarily used in joint tenancy situations, such as joint bank accounts or real estate. The title, rights, or ownership of the property or asset directly transfers to the remaining joint tenant(s), hence ensuring continuity of ownership.