Definition: A type of joint ownership of property where two or more people own the title to an asset together and simultaneously. When one owner dies, the surviving owner or owners immediately become the new owners of the property. The property passes outside of probate instead of to the deceased owner's heirs at law or under the terms of the deceased owner's Last Will and Testament or Revocable Living Trust. This type of ownership can be used with bank and investment accounts, stocks, bonds, business interests, and real estate. This is usually not the default form of ownership when an account is held by two or more people, instead it's usually "tenants in common." Contrast this to "Tenants by the Entirety" and "Tenants in Common." Abbreviated as JTWROS or JT TEN.
Also Known As: Joint Tenants, JTWROS, JT TEN, Joint Tenancy