In joint tenancy, what occurs when one co-owner dies?

In joint tenancy, what occurs when one co-owner dies?

• A. The property is equally divided among remaining owners
• B. The ownership interest automatically transfers to the survivor(s)
• C. The property is sold and proceeds divided
• D. The deceased owner’s share goes to their heirs

Answer: (B)

In joint tenancy, the principle of "survivorship" is a key characteristic that distinguishes it from other forms of ownership. When one co-owner dies, the ownership interest of the deceased automatically transfers to the surviving owner(s). This means that the remaining co-owners do not inherit a divided share of the property; instead, they acquire full ownership of the entire property without the need for probate or any legal proceedings. This automatic transfer simplifies the process for the remaining owners and provides a clear pathway of ownership that remains intact until there are no surviving joint tenants. The ability of the remaining owners to take full possession of the property upon the death of a co-owner is central to the advantages of joint tenancy as an estate planning tool.

In joint tenancy, the principle of "survivorship" is a key characteristic that distinguishes it from other forms of ownership. When one co-owner dies, the ownership interest of the deceased automatically transfers to the surviving owner(s). This means that the remaining co-owners do not inherit a divided share of the property; instead, they acquire full ownership of the entire property without the need for probate or any legal proceedings. This automatic transfer simplifies the process for the remaining owners and provides a clear pathway of ownership that remains intact until there are no surviving joint tenants. The ability of the remaining owners to take full possession of the property upon the death of a co-owner is central to the advantages of joint tenancy as an estate planning tool.