Which statement best describes a joint tenancy?

Which statement best describes a joint tenancy?

• A. Tenants in Common
• B. Joint Tenancy
• C. Tenancy by Entirety
• D. Community Property

Answer: (B)

Joint tenancy is a form of co-ownership that includes the right of survivorship. All owners hold equal shares and have identical rights to possess the whole property, and the interests must come together at the same time, by the same instrument, and in equal portions. Because of the right of survivorship, when one owner dies, the deceased’s share automatically passes to the surviving owners, not to that person’s heirs or through a will. This survivorship feature is what sets joint tenancy apart from other forms of ownership. For contrast, tenants in common can own unequal shares and there is no right of survivorship—the deceased’s portion can go to heirs or a will. Tenancy by the entirety resembles joint tenancy but is typically available only to married couples and includes protections against one spouse unilaterally transferring the property. Community property is a different regime used in some states for marital property and does not operate the same way as joint tenancy with survivorship.

Joint tenancy is a form of co-ownership that includes the right of survivorship. All owners hold equal shares and have identical rights to possess the whole property, and the interests must come together at the same time, by the same instrument, and in equal portions. Because of the right of survivorship, when one owner dies, the deceased’s share automatically passes to the surviving owners, not to that person’s heirs or through a will. This survivorship feature is what sets joint tenancy apart from other forms of ownership. For contrast, tenants in common can own unequal shares and there is no right of survivorship—the deceased’s portion can go to heirs or a will. Tenancy by the entirety resembles joint tenancy but is typically available only to married couples and includes protections against one spouse unilaterally transferring the property. Community property is a different regime used in some states for marital property and does not operate the same way as joint tenancy with survivorship.