What is the primary characteristic of a Joint Tenancy?

The primary characteristic of a Joint Tenancy is the right of survivorship. In a Joint Tenancy, when one of the co-owners (also known as joint tenants) passes away, their interest in the property automatically transfers to the surviving joint tenants, rather than being passed on to heirs or beneficiaries under a will. This unique feature ensures that the ownership remains with the living joint tenants and simplifies the transfer of ownership upon death, as it avoids the lengthy probate process.

This right of survivorship is a defining element that distinguishes Joint Tenancy from other forms of property ownership, such as Tenancy in Common, where each owner’s share can be inherited or sold independently of the others. Understanding this aspect is crucial for anyone dealing with property law, as it has significant implications for estate planning and the rights of property owners.