In joint tenancy, what is designated by the right of survivorship?

In joint tenancy, the right of survivorship is a key feature that allows for the seamless transfer of ownership when one of the co-owners dies. Specifically, it means that upon the death of one joint tenant, their interest in the property automatically passes to the surviving joint tenants. This process occurs outside of the probate system, meaning the deceased's share does not go to their heirs or beneficiaries, but instead goes directly to the surviving owners.

This aspect of joint tenancy is significant because it establishes a form of ownership that ensures continuity and direct transfer among the surviving tenants, maintaining the joint ownership structure without disruption. The right of survivorship is what differentiates joint tenancy from other forms of co-ownership, such as tenancy in common, where the share of a deceased owner would be passed according to their will or state inheritance laws.

By understanding the right of survivorship, one can appreciate how joint tenancy fosters a strong connection among the owners, as they effectively 'survive' each other in terms of ownership rights, promoting stability in property ownership arrangements.