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A right of survivorship pertains to jointly held assets, such as bank accounts or real estate. With this right, when one owner passes away, the surviving owner automatically receives their share of the asset by operation of law, without the need for a judge or probate court. This concept is often seen in bank accounts labeled as Transfer on Death (TOD) or Payment on Death (POD). In these cases, if one named individual dies, the surviving individuals listed on the account gain access to the funds without legal complications. This allows for a seamless transfer of rights among owners.