Joint Tenancy
A form of property ownership where two or more people own equal shares, and when one owner dies, their share automatically passes to the surviving owner(s). This avoids probate for the property.
Legal Definition
A form of concurrent ownership in which two or more persons hold equal undivided interests in property with a right of survivorship, meaning that upon the death of one joint tenant, the decedent's interest passes automatically to the surviving joint tenant(s).
Practical Example
Brothers Alex and Ben buy an investment property as joint tenants. When Alex dies, Ben automatically becomes the sole owner of the property without going through probate. Alex cannot leave his share to someone else in his will.