Joint Tenancy

Joint tenancy is a legal form of property ownership in which two or more individuals hold equal, undivided interests in an asset—most commonly real estate—with the defining feature of the right of survivorship, meaning that when one owner dies, their share automatically passes to the surviving owner(s), thereby avoiding probate; the arrangement requires the satisfaction of four unities—time, title, interest, and possession—and differs from tenancy in common, since joint tenants inherit one another's share rather than passing that share to heirs by will or law.