Which statement best describes Joint Tenancy?

Joint Tenancy is a specific form of property co-ownership that includes the right of survivorship. This means that when one co-owner (or joint tenant) passes away, their interest in the property automatically transfers to the surviving joint tenants, rather than being inherited by heirs or through a will. This transfer occurs without the need for probate, making it a unique advantage for those involved in a Joint Tenancy arrangement.

The essential characteristic that distinguishes Joint Tenancy is the presence of this right of survivorship, which ensures that the surviving owners maintain their share of the property seamlessly upon the death of one owner. This structure promotes a sense of financial security and continuity among the surviving joint tenants, as they collectively possess the property and can manage it together without the complexities that might arise if ownership passes to external parties.

Understanding this key aspect of Joint Tenancy is crucial for individuals involved in real estate transactions or estate planning, as it impacts decisions regarding ownership structures and inheritance planning.