Define: Joint Tenancy With Right Of Survivorship

Joint Tenancy With Right Of Survivorship
Joint Tenancy With Right Of Survivorship
Quick Summary of Joint Tenancy With Right Of Survivorship

Joint tenancy with the right of survivorship is a form of property ownership where two or more individuals hold equal and undivided interests in a property. One key feature of joint tenancy with the right of survivorship is the right of survivorship, which means that if one owner dies, their share automatically passes to the surviving owner or owners, rather than being subject to probate or passing according to the deceased owner’s will. This feature ensures that upon the death of one joint tenant, property ownership automatically transfers to the surviving joint tenants, without the need for additional legal proceedings. Joint tenancy with the right of survivorship is commonly used for real estate ownership between spouses, family members, or business partners, as it provides a straightforward and efficient method of transferring ownership upon death. However, it’s essential for co-owners to understand the implications of joint tenancy, as it also means that each owner has the right to transfer their interest during their lifetime, potentially affecting the ownership structure and rights of the other joint tenants.

What is the dictionary definition of Joint Tenancy With Right Of Survivorship?
Dictionary Definition of Joint Tenancy With Right Of Survivorship

Ownership of property by two or more people in which the survivors automatically gain ownership of a decedent’s interest.

Full Definition Of Joint Tenancy With Right Of Survivorship

In a joint tenancy with the right of survivorship, each party owns an ‘undivided interest’ in the account.

If one party of a joint tenancy with right of survivorship should perish, the other becomes the sole owner. This joint tenancy with the right of survivorship transfer avoids probate, but estate taxes may apply depending on the total amount transferred. A common option for a joint tenancy with the right of survivorship is a husband-and-wife relationship. Another popularly used name for a joint tenancy with the right of survivorship is “Tenants by Entirety.”. There are typically two options available to those who enter into an ownership of value jointly: joint tenancy with the right of survivorship and tenancy in common. The latter option, as opposed to joint tenancy with the right of survivorship, allows each party to specify their particular interest in the account and include it in their estate value. Business relationship partners tend not to use joint tenancy with the right of survivorship.

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This glossary post was last updated: 23rd April 2024.

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