Joint Tenancy refers to the ownership of an asset by two or more persons, each with an undivided interest in the asset and the right of survivorship, which results in the entire value passing to the surviving tenants upon the death of one tenant.
The right of survivorship is a legal concept in property ownership that permits the surviving co-owner(s) to automatically inherit the property upon the death of a fellow co-owner. This principle is particularly applicable to joint tenancy and tenancy by the entirety.
Tenancy by the entirety is a form of joint property ownership available only to married couples, featuring equal rights of possession and enjoyment along with the right of survivorship, meaning the property automatically passes to the surviving spouse upon the death of the other.
