What happens to a joint tenancy if one owner passes away?

In a joint tenancy, the key principle is the right of survivorship, which means that if one owner passes away, their interest in the property automatically transfers to the surviving owner(s). This transfer occurs without the need for probate or any legal proceedings, thereby allowing the surviving owner to retain full ownership of the entire property.

This concept is foundational to understanding joint tenancy; it is designed to ensure a seamless transition of property ownership upon the death of one of the joint tenants. The remaining owners continue to hold the property jointly, with the deceased owner’s share effectively disappearing from the estate. In contrast, other forms of ownership, such as tenants in common, do not confer such automatic transfer upon death, and ownership would instead pass to the deceased’s heirs according to their estate plan or state inheritance laws. Thus, the correct interpretation of how joint tenancy operates upon the death of an owner aligns with the right of survivorship, solidifying ownership with the surviving tenant.