What type of ownership does 'joint tenancy' provide?

Joint tenancy provides shared ownership with rights of survivorship, which is a key characteristic of this form of property ownership. In a joint tenancy arrangement, two or more individuals hold an equal share in the property. One of the defining features of joint tenancy is the right of survivorship, which means that if one owner dies, their share automatically passes to the surviving joint tenant or tenants. This aspect eliminates the need for probate and ensures that the property remains within the surviving co-owners without being subjected to a deceased owner's estate.

This arrangement differs significantly from other forms of ownership where rights of survivorship are either absent or treated differently, such as in tenancy in common, where there are no automatic rights of survivorship. Understanding joint tenancy is crucial for matters related to estate planning and property rights since it directly impacts how ownership transfers upon death.