What form of co-ownership includes the right of survivorship?

Joint tenancy is characterized by the right of survivorship, which means that when one owner passes away, their interest in the property automatically transfers to the remaining co-owners rather than being passed down through the deceased's estate. This form of co-ownership is typically established when two or more individuals want to have equal shares in a property, and any addition or removal of a joint tenant affects the entire tenancy.

In this arrangement, all co-owners have an equal right to the use and enjoyment of the entire property, and any changes in ownership (such as the death of one owner) do not result in a fractional ownership division but rather a complete transfer of interest to the surviving owners. This unique feature ensures that the property remains within the group of co-owners without dealing with probate, which can simplify matters significantly in times of loss.