What does the right of survivorship allow?

The right of survivorship allows a surviving co-owner to inherit a deceased co-owner's share in a jointly held property. This legal principle applies primarily in joint tenancy arrangements, where multiple individuals hold ownership of a property together. When one co-owner passes away, their interest in the property automatically transfers to the other co-owners, effectively bypassing the probate process. This means that the surviving owners gain full ownership of the property without the need for a will or any legal proceedings to distribute the deceased owner's share.

This concept is integral in estate planning and property law because it provides an efficient means of transferring property rights and ensures that the asset remains within the ownership of the surviving co-owners, promoting continuity and stability in property ownership.