Definition: A special type of joint ownership of property with rights of survivorship between a husband and wife recognized in some states. When one spouse dies, the surviving spouse immediately becomes the sole owner of the property. The property passes outside of probate instead of to the deceased spouse's heirs at law or under the terms of the deceased spouse's Last Will and Testament or Revocable Living Trust. This is usually not the default form of ownership when an account is held by married couples unless the property involved is real estate. Depending on state law, this type of ownership can be used for bank and investment accounts and real estate. It also offers creditor protection in some states where it's recognized. Contrast this to "Joint Tenants With Right of Survivorship" and "Tenants in Common."
Abbreviated as TBE.
Also Known As: Tenants by the Entireties, Tenancy by the Entirety, TBE
