What is "joint tenancy with right of survivorship"?

Joint tenancy with right of survivorship is a form of co-ownership where two or more individuals hold title to a property simultaneously. The key feature of this ownership structure is that, upon the death of one co-owner, that individual's interest in the property automatically passes to the surviving co-owners, rather than being treated as part of the deceased's estate. This arrangement provides a seamless transfer of ownership without the need for probate, ensuring that the surviving joint tenants retain full control of the property without delays or legal complications.

This transfer of ownership is instant and is a defining element of joint tenancy, also distinguishing it from other forms of co-ownership, such as tenants in common, where the deceased's share would pass according to their will or the laws of intestate succession. The automatic transfer nature of joint tenancy with right of survivorship is what makes it beneficial for individuals wishing to ensure their property remains within a specified group, typically within families or close relationships.

The other options do not capture this essential characteristic of joint tenancy, thus reinforcing why the correct answer is the one that outlines both the concept of co-ownership and the automatic survivorship feature.