In joint tenancy, one of the fundamental characteristics is the right of survivorship. When one owner in a joint tenancy dies, their ownership interest does not get passed on to their heirs or divided among the remaining owners. Instead, the share of the deceased owner automatically transfers to the surviving joint tenants. This means that the ownership stake of the surviving owners increases proportionally.
For example, if there were three joint tenants and one passes away, the two surviving owners will now hold the entire property jointly, each with a stake that reflects the previous joint ownership structure (in this case, each would now effectively own a larger share of the property). This aspect of joint tenancy ensures that the property remains consolidated among the surviving owners without involvement from the deceased owner's estate.
This principle distinguishes joint tenancy from other forms of ownership, such as tenancy in common, where a deceased owner’s interest is subject to inheritance by their heirs. In joint tenancy, the survivorship clause negates that possibility, ensuring a seamless transition of ownership among the surviving joint tenants.