Kansas Statutes 59-3505. Same; joint owner
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(a) A record joint owner of an interest in real estate may use the procedures in this act to title such interest in transfer-on-death form. However, title to such interest shall vest in the designated grantee beneficiary or beneficiaries only if such record joint owner is the last to die of all of the record joint owners of such interest. A deed in transfer-on-death form shall not sever a joint tenancy.
(b) As used in this section, “joint owner” means a person who owns an interest in real estate as a joint tenant with right of survivorship.
Terms Used In Kansas Statutes 59-3505
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.