Definition
Joint tenancy is shared ownership where each owner owns equal shares with survivorship rights—meaning the property automatically passes to surviving owners upon death.
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Joint tenancy creates equal ownership shares among co-owners with automatic survivorship rights. When one joint tenant dies, their interest automatically passes to the surviving co-owners outside of probate. Joint tenancy requires that all owners received their interests at the same time, in the same document, with equal rights. This ownership form is common for married couples and family members wanting to ensure property passes easily upon death. However, it may create complications in divorces or if relationship dynamics change.
Pro Tip
Understand survivorship rights before choosing joint tenancy. You can't control where property goes at death.
Example
The married couple held the property in joint tenancy with right of survivorship.