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The right of survivorship applies to jointly held assets, such as bank accounts and real estate, allowing the surviving owner to automatically receive the deceased owner's share without the need for court intervention. This feature is often seen in accounts labeled as "Transfer on Death" (TOD) or "Payment on Death" (POD). In these cases, if one owner dies, the remaining named individuals on the account automatically acquire rights to the asset, bypassing probate court. The speaker emphasizes that these mechanisms simplify asset transfer among co-owners after death, ensuring a smooth transition of ownership.
