What does the right of survivorship entail?

The right of survivorship is a legal concept that applies primarily to joint tenancies, where two or more individuals own property together. It establishes that when one owner passes away, their share of the property automatically transfers to the surviving owner(s) without the need for probate. This feature distinguishes joint tenancy from other forms of ownership such as tenants in common, where an owner's share would not automatically pass to other owners and instead may require the deceased's share to be distributed according to their will or by state laws.

This principle affirms the continuity of ownership among the living tenants, promoting a seamless transition of property rights and avoiding potential complications and delays that can occur when dealing with a deceased owner's estate. Thus, in the context of joint tenancy, the right of survivorship clarifies that ownership remains intact among surviving tenants, offering them full control over the property without interruption.