What happens to a decedent's interest in a joint tenancy upon their death?

In a joint tenancy arrangement, each tenant has an equal share of the property, and one of the fundamental features of this form of ownership is the right of survivorship. This means that when one joint tenant dies, their interest in the property does not get transferred to their heirs or become part of their estate. Instead, the deceased joint tenant's share automatically transfers to the surviving joint tenant(s).

This principle underlines the essence of joint tenancy, which is established to provide a seamless transition of ownership without the need for probate proceedings. As a result, the surviving joint tenant(s) gain full ownership of the property outright, which can simplify the management and transfer of property among co-owners. This intrinsic characteristic of joint tenancy makes it a popular choice for couples and individuals who wish to ensure that their property passes directly to a co-owner without legal complications after death.