Joint Tenants with Rights of Survivorship (JTWROS) is a type of co-ownership of property where two or more individuals own equal shares of the property and have the right to use and possess it. The key feature of JTWROS is the right of survivorship, meaning that upon the death of one joint tenant, their share of the property automatically passes to the surviving joint tenants. This means that the deceased joint tenant's share of the property is not subject to probate and is transferred to the surviving tenants outside of the probate process.
JTWROS can be established in various forms of property, including real estate, bank accounts, and stocks. It is a popular form of ownership for married couples, siblings, and close friends who want to ensure that their property will pass to one another without the need for probate.
It's important to note that JTWROS does not provide any protection from creditors and that the joint tenants are fully responsible for any debts or liabilities incurred during their ownership of the property. Additionally, joint tenants are typically required to agree on all decisions regarding the property, including its sale or mortgage.