“With benefit of survivorship” refers to a situation in which two or more people own something together, and when one of them dies, the others automatically become the owners of the asset. This concept is important because it can affect who can make claims to your property in South Carolina.
Understanding “with benefit of survivorship” in South Carolina
When creating a joint tenancy, the two or more people involved must all sign off on the deed. People use this type of ownership in instances such as when married and jointly own a real estate property or when two siblings own something together. When the deed is signed correctly, it creates a “with benefit of survivorship” agreement between them. As long as they meet all terms, that agreement will live on until one of the co-owners dies – at which point, their interest in the asset will then pass to the other owners automatically.
Benefits of “with benefit of survivorship”
If an individual owns something with another person under a “with benefit of survivorship” rule, then they can avoid probate if the other owner passes away. Additionally, the survivor will not have to wait to receive their inheritance because the property will automatically pass to them. Furthermore, the survivor will not owe any estate taxes to inherit their co-owner’s asset share.
If you are considering setting up a “with benefit of survivorship” agreement, it is essential to understand the laws and regulations surrounding this type of agreement in South Carolina. For instance, you cannot create this type of agreement over the phone or online, and you must all agree to the terms and conditions. Furthermore, it is vital to understand how this agreement could affect who can make claims to your property in South Carolina if one of the owners passes away. If it fits your estate planning needs and goals, it may be worth considering.