What is a key characteristic of joint tenancy ownership?

A key characteristic of joint tenancy ownership is the right of survivorship. This legal concept means that when one joint tenant passes away, their interest in the property does not get transferred according to their will or estate plan. Instead, the remaining joint tenants automatically inherit the deceased’s share, leading to a seamless transfer of ownership without the need for probate.

This feature distinguishes joint tenancy from other forms of ownership, such as tenants in common, where there is no right of survivorship, and each owner's share can be bequeathed as desired. The right of survivorship ensures that the property remains within the group of current owners, providing continuity and stability in ownership.

Understanding the right of survivorship is crucial for anyone involved in real estate decision-making, as it has significant implications for estate planning and property rights.