What type of property ownership allows for two or more individuals to share rights while surviving owners automatically gain ownership at the death of a co-owner?

The concept described pertains to joint tenancy, a form of property ownership that allows two or more individuals to have shared ownership with a significant feature known as the "right of survivorship." This means that in the event of the death of one co-owner, their ownership interest automatically transfers to the remaining co-owners. This feature distinguishes joint tenancy from other types of ownership arrangements, as it eliminates the deceased's share from being inherited by heirs outside of the surviving co-owners.

In joint tenancy, all parties must acquire their interests at the same time and through the same deed, and they must hold equal ownership shares in the property. This unity of ownership ensures that when one owner passes away, the surviving owners automatically receive their share, thereby simplifying the transfer of property and avoiding probate. This characteristic makes joint tenancy especially appealing for individuals seeking to ensure a smooth transition of property upon death, maintaining control of the asset within the remaining co-owners.

Contrastingly, other types of ownership, like tenancy in common, do not include the right of survivorship; instead, a deceased owner’s interest in the property would be distributed according to their will or state succession laws. Tenancy in severalty refers to sole ownership by one individual, and tenancy by the