Final answer:
The right of survivorship is a property law concept where jointly owned property automatically passes to the surviving owner(s) upon one's death, bypassing the probate process. These rights are often clearly defined and play a critical role in how property is distributed in the absence of a will. This concept can also influence legal disputes and transactions, as clearly defined property rights are essential for determining legal responsibilities and settlements.
Step-by-step explanation:
The right of survivorship refers to a legal concept in property law where property owned by two or more individuals is structured in such a way that upon the death of one owner, the property automatically passes to the surviving owners. This right is typically associated with forms of joint ownership like tenancy by the entirety or joint tenancy with right of survivorship. Property can include real estate, bank accounts, and other assets that can be owned jointly. The legal implications of the right of survivorship are significant, as it bypasses the probate process and allows for the seamless transition of property rights.
In the context of intestate succession (dying without a will), state laws govern the distribution of assets. These laws vary by state but typically prioritize distribution to a spouse, children, and other family members in a hierarchical order. Also, property rights are often clearly defined through legal documents and processes, influencing how disputes are settled and transactions are conducted – a concept noted by economist Ronald Coase regarding property rights and externalities.