Joint Tenants With Right of Survivorship

Joint Tenants With Right of Survivorship

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Joint Tenants With Right of Survivorship

Joint Tenants With Right of Survivorship definition:  Joint tenants with right of survivorship determines how property is handled upon death of one of the joint owners. More than two persons can be joint tenants. When property is owned jointly with right of survivorship, the property rights of the deceased are transferred to the other owners (not to the deceased person’s heirs).  An individual owner is permitted to sell or transfer his/her portion but not the entire asset. Property owned jointly is subject to the liabilities of each individual owner.  Joint tenants with right of survivorship is not subject to probate upon death of a co-owner.

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