Legal Question in Wills and Trusts in West Virginia
Survivorship on a deed
I was told to add a 'survivorship' to my deed so my son wouldn't have to go thru probate & pay to get what was his, now, i'm worried, now that he's on the deed, can they take my house if 'he' would be sued ? Like a accident or something ? I added him on my deed, he added me on his & his father added my son on his, now i'm wondering if we did the right thing.
1 Answer from Attorneys
Re: Survivorship on a deed
Survivorship between more than one party who are co-owners of property does result in the survivor owning the interest of the other party upon the death of that other party. It is true, that the ownership of the real estate held in survivorship with one or more other persons would cause title to vest in the survivors at the time of death and because of the deed. Accordingly, the real estate would not be subject to sale to pay the bills of the decedent or of the estate. It is also true that the the transfer of an interest, even though in a survivorship, does expose the interest to the creditors of the new part owner. A creditor could only reach the percentage owned, but could compel sale in a judgment lien creditor's suit. The risk you perceive is correct.