Definition
With survivorship rights, when a co-owner dies, their interest automatically passes to surviving owners outside of probate. It's a clean, efficient transfer.
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Right of survivorship ensures that when one owner dies, their share automatically passes to the surviving owner(s) without going through probate court. This provides a clean, efficient transfer of property and is a key benefit of joint tenancy and tenancy by the entirety. The surviving owner simply needs to record a death certificate to complete the transfer. Without survivorship rights (as in tenancy in common), an owner's share passes through their will or estate, which takes longer and involves court proceedings.
Pro Tip
Survivorship rights avoid probate. That's a significant advantage.
Example
Due to the right of survivorship, the surviving spouse automatically received full ownership upon the other's death.