What does in survivorship mean, and must survivorship property be reported to the Probate Court?
The placing of a savings account, shares of corporate stock, bonds, or real estate in survivorship with another means that each of the named parties has an undivided equal interest in the monies, stocks, bonds, or real estate during their joint lives. This form of ownership grants to the joint owner(s) who survives, ownership of all of the monies, stocks, bonds, or real estate immediately upon the death of the joint owner. Survivorship property must be reported to the Probate Court on the Connecticut Succession Tax Return required to be filed with the Court.
The placing of a savings account, shares of corporate stock, bonds or real estate “in survivorship” with another means that each of the named parties has an undivided equal interest in the monies, stocks, bonds, or real estate during their joint lives. This form of ownership grants to the joint owner(s) who survives, ownership of all of the monies, stocks, bonds, or real estate immediately upon the death of the joint owner. Survivorship property must be reported to the Probate Court on the Connecticut Succession Tax Return required to be filed with the Court.