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Joint Tenancy (Joint Tenancy with Rights of Survivorship)

Joint Tenancy (Joint Tenancy with Rights of Survivorship)

Joint tenancy is when two or more owners share equal ownership and rights to a property. Joint tenancy with rights of survivorship addresses what happens when one joint owner of a property dies. At that time, the deceased's share of the property passes to the surviving owner, without the property having to go through probate. Because joint tenancy requires that the property transfer to the surviving owner, property held under a  joint tenancy, cannot be willed to any party that is not a joint owner.

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