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 Michigan, joint tenancy is recognized as a form of property co-ownership that includes a right of survivorship. This means that when one of the joint tenants dies, their interest in the property automatically passes to the surviving joint tenant(s), bypassing the probate process. For joint tenancy to be valid in Michigan, the four unities of possession, interest, time, and title must be present; this means that the joint tenants must have equal rights to the entire property, hold the same interest, acquire their interest at the same time, and receive their interest by the same document. It is important to explicitly state the intention to create a joint tenancy with the right of survivorship in the deed or account documentation, as failing to do so may result in the co-ownership being treated as a tenancy in common, which does not include the right of survivorship. Michigan law also allows for a special form of joint tenancy between spouses, known as tenancy by the entirety, which also includes survivorship rights but offers additional protections against creditors. An attorney can provide specific guidance on creating a joint tenancy and ensuring that the right of survivorship is clearly established.