joint tenancy with right of survivorship

Definition

Ownership of property by two or more people in which the survivors automatically gain ownership of a decedent's interest.

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Our joint tenancy with right of survivorship was a good deal to make for us because it would benefit us in the future.

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If you will be owning property with another person you should put JOINT TENANCY WITH RIGHT OF SURVIVORSHIP in the contract.

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Sally gained total ownership of she and her husband Mark's home upon his death as it was held in Joint Tenancy With Right of Survivorship. This status allowed them to forgo probate or any type of estate issues.

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tenancy survivorship