Joint tenancy is the ownership of property or assets by two or more co-owners (joint tenants) who have identical interests in the property or assets—and also have a right of survivorship. Real property (real estate), bank accounts, and brokerage accounts are examples of property or assets that may be owned by two persons (often married persons) as joint tenants with a right of survivorship.
A right of survivorship means that upon the death of a joint tenant the property passes directly to the other joint tenant(s), allowing the ownership to be transferred to the surviving joint tenant(s) without going through the probate or court systems. A joint tenancy is sometimes referred to as a joint tenancy with right of survivorship.
This right of survivorship is what distinguishes a joint tenancy from a tenancy in common, in which co-owners hold the property as tenants in common. In some states the right of survivorship must be clearly expressed in the document transferring or conveying the property to the joint tenants, or the tenancy will be presumed to be a tenancy in common.
Laws vary from state to state and in many states the law regarding joint ownership of property or assets is located in a state’s statutes—although it may also be located in a state’s court opinions (common law or case law).
In Texas, joint tenancy with right of survivorship is recognized and allows two or more co-owners to hold property with equal interests and the right of survivorship. This means that when one joint tenant dies, their interest in the property automatically passes to the surviving joint tenant(s) without the need for probate. To create a joint tenancy with right of survivorship in Texas, the co-owners must explicitly choose this form of ownership, as it is not presumed by default. The intent for the property to be held as joint tenants with right of survivorship must be clearly stated in the deed or account agreement. If this intention is not clearly expressed, the ownership may default to a tenancy in common, where there is no right of survivorship. Texas law requires specific language to establish a joint tenancy with right of survivorship, and it is advisable for individuals to consult with an attorney to ensure that the property is titled correctly to reflect their ownership intentions.
