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Joint tenancy is a type of property ownership. Find out how it works, and what happens if one of the owners dies.
Joint tenancy with right of survivorship is the most common way for a married couple to own real estate. Instead of each person having a 50% interest, both spouses are considered to be 100% owners of the property. If one spouse dies, the surviving spouse becomes the sole owner. (See also tenants in common.)
Example: “A property owned under joint tenancy does not become part of the deceased person’s estate and is not subject to probate unless both spouses die at the same time.”
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