What is a survivorship clause?

A survivorship clause is exactly what it sounds like; a clause in a will that makes a gift to a beneficiary conditional upon them surviving the testator by a set period of time.

Do you need a survivorship clause in a will?

To give greater control over the eventual destination of assets. A survivorship clause will prevent assets passing to a beneficiary’s estate and then out immediately to their own beneficiaries under their will or intestacy should they die with the testator or shortly after.

Why is there a 30 day survivorship clause?

Survivorship clauses are pretty common in wills. You can put a 30-day survivorship clause in your will so that if the person you intend for a certain gift does not live more than 30 days more than you, it is as if that person died before you, and the gift can go back to the estate or to another named beneficiary.

What is survivorship clause and why?

A survivorship clause states that beneficiaries named in the document cannot inherit unless they live for a specific amount of time after the will- or trust-maker dies. For example, a will might state that “a beneficiary must survive me for 45 days to receive property under this will.”

How does right of survivorship work?

When jointly owned property includes a right of survivorship, the surviving owner automatically absorbs a dying owner’s share of the property. Thus if A and B jointly own a house with a right of survivorship, and B dies, A becomes the sole owner of the house, despite any contrary intent in B’s will.

Can right of survivorship be contested?

Yes. However as stated above, it is very difficult to challenge the right of survivorship. In the case of a house deed with the right of survivorship, the right of survivorship will prevail over last wills and testaments as well as other [subsequent] contracts that may contradict the right.

Why have a survivorship period in a will?

A survivorship clause in a will or trust stipulates that beneficiaries can only inherit if they live a certain number of days after the person who made the will or trust dies.

Will I survive 30 days?

6. New rules about survivorship (clause 35) which require a beneficiary to survive a willmaker by 30 days before receiving a benefit under the deceased willmaker’s will, subject to a contrary intention appearing in the will.

What is the main purpose of the short term survivorship clause?

Many policies also will contain a common disaster provision (short-term survivorship provision) to avoid the problem of the primary beneficiary outliving the insured by a short amount of time and receiving the death proceeds from the policy.

Who inherits if a beneficiary dies?

The beneficiary’s descendants. Unless the will named an alternate beneficiary, anti-lapse laws generally give property to the children of the deceased beneficiary. For example, if a woman left money to her daughter, and the daughter died first, the money would go to the daughter’s children.

What’s the deal with survivorship clauses in books?

A survivorship clause makes sure that your Will – and not someone else’s – runs the show. Without a survivorship clause, property left to a beneficiary who dies in a “common tragedy” with you (i.e. a car accident) could pass under that beneficiary’s Will, rather than yours. Rocky’s Will leaves everything to Adrian with no survivorship requirement.

How long can a survivorship clause be in a will?

A survivorship clause is a clause in a will which states that a beneficiary must survive for a given period of time for the gift to take effect. The survivorship period can be 1 day, 7 days, or 28 days, but can be as long as six months. A period that long is not generally advisable, as it may duly delay the administration of the estate.

When are survivorship clauses can cause confusion?

Obviously, survivorship clauses cannot prevent assets eventually being dispersed onwards, but they can restrict onward distribution in the initial period following a testator’s death. The problem in this case was that because the couple died at the same time, and certainly within 28 days of each other, the survivorship clause was not satisfied.

What happens if a beneficiary dies during the survivorship period?

If a beneficiary survives the testator but dies within the time limit set out in the survivorship clause then the gift to them will fail and will pass as though they had predeceased, so the beneficiary dying within the survivorship period never takes a vested interest.