In a joint tenancy agreement, what happens to an owner's share upon their death?

In a joint tenancy agreement, what happens to an owner's share upon their death?

• A. The share goes to the deceased's heirs
• B. The share is divided among all owners equally
• C. The share automatically transfers to the surviving joint tenant
• D. The share is sold to the highest bidder

Answer: (C)

In a joint tenancy agreement, the distinguishing feature is the right of survivorship. This means that when one owner of the property passes away, their share does not pass to their heirs or through probate. Instead, the deceased's interest in the property automatically transfers to the surviving joint tenants. This ensures that the ownership remains with the remaining joint tenants without the need for legal proceedings or any involvement of third parties. Therefore, the surviving owners continue to hold full ownership, and the deceased's share effectively vanishes from the estate. This principle fosters swift and uncomplicated transitions of property ownership in joint tenancy situations, highlighting the significance of this form of ownership in estate planning and property management.

In a joint tenancy agreement, the distinguishing feature is the right of survivorship. This means that when one owner of the property passes away, their share does not pass to their heirs or through probate. Instead, the deceased's interest in the property automatically transfers to the surviving joint tenants. This ensures that the ownership remains with the remaining joint tenants without the need for legal proceedings or any involvement of third parties. Therefore, the surviving owners continue to hold full ownership, and the deceased's share effectively vanishes from the estate. This principle fosters swift and uncomplicated transitions of property ownership in joint tenancy situations, highlighting the significance of this form of ownership in estate planning and property management.