Jointly Held Property

Jointly held property refers to assets owned by two or more parties who each possess equal rights and interests in the property, regardless of the form of ownership (such as joint tenancy, tenancy in common, or tenancy by the entirety). In joint tenancy, all owners share an undivided interest and benefit from the right of survivorship, meaning when one owner dies, their share automatically passes to the remaining owner(s) without probate. Other forms, like tenancy in common or community property, allow for fractional ownership or require specific marital relationships, but jointly held property always implies that multiple parties have simultaneous legal claims and responsibilities regarding the asset, whether real estate, financial accounts, or other property.