Definition - What does Survivorship mean?
Survivorship is when one party legally obtains the rights to property following the death of a partner, or another party of interest. Survivorship commonly occurs with real property in the case of joint tenancy. In such cases, when two people own a property together, and one of them dies, the other becomes the sole owner of the full property.
Justipedia explains Survivorship
It is not just real property that can be passed on through survivorship. Other assets such as stocks bonds and other investments can also be passed on. Whether or not an item is passed on through survivorship depends on how the ownership of that item was legally set up. For example, there are types of tenancies that do not include survivorship between the two owners. In these circumstances, the decedent's share of the property can be passed on to a relative instead of the co-owner of the property.