According to About.com, “JT TEN” represents joint tenants with the right of survivorship. It signifies that two or more persons possess an asset jointly. If one owner passes away, the asset is promptly transferred to the surviving owner or owners. The right of survivorship exempts the property from the probate process.
According to About.com, ownership with the right of survivorship is not the typical manner for two or more people to share property ownership. The most prevalent form of joint ownership is “tenants in common,” which does not always involve the right of survivorship. It is customary for property to transfer from a husband to a wife or from a parent to a kid, with the survivor being the typical heir. Bank or investment accounts, company interests, stocks, bonds, and real estate are among assets for which the right of survivorship might be selected.
About.com also states that people who own property jointly often do not have survivor rights. Each party holds an undivided proportion of the property. According to the terms of his will, ownership of a deceased owner’s share flows through his estate upon his passing. The property will only pass to the other owner if she is the deceased’s heir through blood or marriage, or if she is specifically designated in the will. However, if the property is transferred in this manner, the law requires that it through probate.