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 Massachusetts, joint tenancy is 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 Massachusetts, the four unities of possession, interest, title, and time must be present, and the intent to create a joint tenancy must be clear in the deed or conveyance document. If the right of survivorship is not explicitly mentioned, the ownership may be presumed to be a tenancy in common, which does not include the right of survivorship. Joint tenancy can apply to real estate, bank accounts, and brokerage accounts, and is often used by married couples to ensure that property passes smoothly to the surviving spouse. It's important to note that joint tenancy can be severed by any joint tenant, converting the interest into a tenancy in common, unless restricted by law. As with any legal matter, consulting with an attorney to ensure proper setup and understanding of joint tenancy is advisable.