Joint Tenancy

What Does Joint Tenancy Mean?

Joint tenancy refers to a situation where two or more people jointly own a property. When one of the co-owners dies, their share of the property is automatically transferred to the surviving co-owners. The court is not involved in the transfer of the deceased’s share of the property.

Insuranceopedia Explains Joint Tenancy

A property owned by joint tenants is shared equally, along with the associated obligations, including taxes.

One of the most common forms of joint tenancy occurs when married couples purchase property and are legally listed as co-owners. This arrangement grants each party a right of survivorship, meaning that when one spouse dies, the surviving spouse automatically becomes the sole owner of the property. The surviving spouse does not need to go through probate court to establish their ownership.