Definition - What does Joint Tenancy mean?
Joint tenancy means that two or more people own a property. When one of the co-owners dies, their share is passed on to the survivors. The court of law is not consulted when passing on the deceased's share of the property.
Insuranceopedia explains Joint Tenancy
A property owned by joint tenants is shared equitably and so are the obligations for it, including taxes.
Married couples buying property and being listed by law as co-owners is a very common form of joint tenancy. This grants each party a right of survivorship, meaning that when one spouse dies, the surviving spouse becomes the sole owner of the property. The survivor does not have to go through a probate court to prove their ownership.
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