What does joint tenancy signify in terms of ownership?

Joint tenancy signifies a form of property ownership where two or more individuals hold an identical interest in the property and possess the right of survivorship. This means that if one joint tenant passes away, their share of the property automatically transfers to the surviving joint tenant or tenants, rather than being passed on according to the deceased person's will or estate plan. This right of survivorship is a key characteristic that distinguishes joint tenancy from other forms of ownership, such as tenants in common, where there is no right of survivorship and the deceased's share goes to their heirs.

In this arrangement, all joint tenants typically have equal shares in the property, contributing to the "identical interest" aspect. The requirement for joint tenants to have equal rights in the property helps ensure that all parties are treated fairly in terms of ownership. This ownership structure is particularly beneficial for individuals looking to ensure that their property directly benefits someone they choose, rather than being distributed according to standard inheritance laws.