Question

Bill, Steve, and Mona owned an Adirondack camp, consisting of four acres. They agreed that if one of them died, the others would receive their share of the property, known as _____________

Answer 1

The arrangement in which co-owners receive the property share of a deceased co-owner is known as a right of survivorship, commonly associated with joint tenancy.

Step-by-step explanation:

If Bill, Steve, and Mona agreed that if one of them died, the others would receive their share of the Adirondack camp, this arrangement is typically known as a right of survivorship. It is commonly found in joint tenancy agreements, where co-owners have an equal share in the property, and upon the death of one, their share automatically transfers to the surviving co-owners. This process bypasses traditional inheritance procedures and is separate from matters outlined in a will or estate planning.