A type of ownership where two or more people equally share ownership of a property

The most important feature of joint tenancy is the right of survivorship, which means if one of the co-owners dies, the survivors automatically become the sole owners. So, for example, if Jim, Jake and Chris own a home in joint tenancy, and Jake dies, Chris and Jim take ownership of the home, regardless of any heirs written into Jake's will. Probate court isn't required, and Chris and Jim also aren't responsible for any claims placed on the property due to Jake's unpaid debts.

Joint tenancy is common amongst many married couples, as well as gay/lesbian couples who can't legally own community property. Be aware that each type of property ownership has different tax issues.

Compare: Community property, Tenancy in common