Joint Tenancy (noun): Refers to a legal arrangement by married and non-married couples, friends, relatives, and business associates in which two or more people own a property together, each with equal rights and obligations and also with what is known as a right of survivorship, meaning if one owner dies, their interest in the property is directly passed on to the surviving party (or parties) without having to go through probate or court system.
Words commonly used with this term include:
- Will
- Estate
- Probate
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