GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Survivorship


Synonyms:common interest, surviving co-owner, survivor, takeover
Filed Under: estate-management, legal-contracts
Tags: contract, legal, life insurance
 

Definition of survivorship

survivorship
1. The right of an individual to secure ownership by reason of his or her outliving someone with whom he or she has shared undivided interest in the land.

Related Terms and Acronyms:

  • death benefit (DB)   A payment or series of payments made to the beneficiaries of a life insurance policy.
      ➥  An amount paid to a beneficiary in a life linsurance policy.
  • estate planning   The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
  • executor   The person who manages the estate of a deceased individual.
  • joint and survivor annuity   An annuity with multiple annuitants (usually spouses) that makes payments as long as either of the annuitants are alive.
  • joint tenancy   When two people (typically spouses) both own an undivided interest in a property. If one joint tenant passes away, the other receives the title to the entire property.
  • life insurance   An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
      ➥  CanEquity offers life insurance.
  • power of attorney (PA, POA)   A document in which the signer authorizes someone to conduct business in his or her name -- signing title documents and cheques, for example.
  • second-to-die insurance   Life insurance that only pays a death benefit when both spouses have died, commonly used in estate planning.
  • tenancy by the entirety (TBE)   An arrangement where spouses have an undivided interest in a property. If a spouse dies, the other retains ownership.
  • trust   A fund established like a will, specifying how money or property will be disbursed, lists the recipients or beneficiaries and names one or more trustees to manage the assets. An irrevocable trust can't be changed after the terms are finalized; a revocable trust has more legroom in how much can be transferred, but is usually costlier to maintain.

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