Joint tenancy is the ownership of property or assets by two or more co-owners (joint tenants) who have identical interests in the property or assets—and also have a right of survivorship. Real property (real estate), bank accounts, and brokerage accounts are examples of property or assets that may be owned by two persons (often married persons) as joint tenants with a right of survivorship.

A right of survivorship means that upon the death of a joint tenant the property passes directly to the other joint tenant(s), allowing the ownership to be transferred to the surviving joint tenant(s) without going through the probate or court systems. A joint tenancy is sometimes referred to as a joint tenancy with right of survivorship.

This right of survivorship is what distinguishes a joint tenancy from a tenancy in common, in which co-owners hold the property as tenants in common. In some states the right of survivorship must be clearly expressed in the document transferring or conveying the property to the joint tenants, or the tenancy will be presumed to be a tenancy in common.

Laws vary from state to state and in many states the law regarding joint ownership of property or assets is located in a state’s statutes—although it may also be located in a state’s court opinions (common law or case law).

In Illinois, joint tenancy is recognized as a form of property co-ownership that includes a right of survivorship. This means that when one joint tenant dies, their interest in the property automatically passes to the surviving joint tenant(s) without the need for probate. To create a joint tenancy in Illinois, the four unities of possession, interest, time, and title must be present, and the intent to create a joint tenancy must be clearly expressed in the deed or title document. This is typically done by including language such as 'as joint tenants with right of survivorship and not as tenants in common.' If the right of survivorship is not explicitly stated, the ownership may be presumed to be a tenancy in common, where there is no right of survivorship. It is important for individuals wishing to hold property as joint tenants in Illinois to ensure that the conveyance documents are properly drafted to reflect this intention. An attorney can provide guidance on the specific language and legal formalities required to establish a joint tenancy with right of survivorship in Illinois.