What does the term "right of survivorship" mean in joint tenancy?

What does the term "right of survivorship" mean in joint tenancy?

• A. The right of co-owners to live indefinitely on the property
• B. The automatic transfer of a deceased owner's share to surviving owners
• C. The ability to sell one’s share of the property independently
• D. The requirement for all owners to agree on selling the property

Answer: (B)

In joint tenancy, the term "right of survivorship" refers specifically to the automatic transfer of a deceased owner's share to the surviving owners. This means that when one co-owner passes away, their interest in the property does not get distributed according to their will or state inheritance laws, but instead, it automatically passes to the remaining co-owners. This feature is one of the defining characteristics of joint tenancy, distinguishing it from other forms of ownership like tenancy in common, where ownership shares can be inherited. The right of survivorship ensures that the surviving joint tenants continue to hold the property without the need for probate or intervention from the deceased's estate, providing a seamless transition of ownership.

In joint tenancy, the term "right of survivorship" refers specifically to the automatic transfer of a deceased owner's share to the surviving owners. This means that when one co-owner passes away, their interest in the property does not get distributed according to their will or state inheritance laws, but instead, it automatically passes to the remaining co-owners. This feature is one of the defining characteristics of joint tenancy, distinguishing it from other forms of ownership like tenancy in common, where ownership shares can be inherited.

The right of survivorship ensures that the surviving joint tenants continue to hold the property without the need for probate or intervention from the deceased's estate, providing a seamless transition of ownership.