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 Louisiana, joint tenancy is recognized differently than in many other states due to its civil law system, which is based on French and Spanish civil codes rather than English common law. Louisiana does not traditionally recognize 'joint tenancy with right of survivorship' (JTWROS) in the same way other states do. Instead, Louisiana law provides for a similar arrangement called 'usufruct,' which can allow a surviving spouse or other party to use the property for their lifetime, after which the property passes to the 'naked owners,' who are often the deceased's heirs. However, Louisiana does allow for a form of joint ownership with survivorship rights through a 'tontine' agreement or a 'joint account with a right of survivorship' for financial accounts. It's important to explicitly state the intention for survivorship rights in the act of conveyance or account setup documents, as Louisiana does not presume survivorship rights without clear language. For real estate, the co-owners would typically hold the property as 'tenants in common' unless specific provisions are made. As laws can be complex and subject to change, it is advisable to consult with an attorney to understand the current regulations and to structure ownership of property or assets according to the desired outcome.