Characteristics of a Joint Tenancy
|•||It is an estate that is owned by two or more natural persons|
|•||The right of survivorship is automatically a part of the tenancy|
|•||If one of the joint tenants dies, the other(s) get title to the property by virtue of the right of survivorship - No will is necessary|
|•||If one of the joint tenants sells his/her interest, the new tenancy is a tenancy in common|
The right of survivorship is the defining feature of a joint tenancy. When there is right of survivorship, the remainder automatically goes equally to the surviving tenants without any need for a will.
The best description of a joint tenancy follows:
In a joint tenancy, all parties own the entire property together. That's the reason there's no need for a will or probate. When one party dies, the ownership has not changed - only the number of tenants has changed. Either party may sell his/her share without permission of the other joint tenants.
If there is a will, the remainder goes to the survivor no matter what the will says.