What is meant by the term "right of survivorship"?

The term "right of survivorship" specifically refers to the legal principle that allows for property owned by two or more individuals as joint tenants to automatically pass to the surviving joint tenants upon the death of one of the owners. This means that when one joint tenant dies, their interest in the property does not become part of their estate; instead, it is immediately transferred to the remaining joint tenant(s). This characteristic of joint tenancy distinguishes it from other forms of property ownership, such as tenancy in common, where a deceased's share would need to be distributed according to a will or state laws of intestacy.

This automatic transfer of ownership helps ensure that the property remains intact and within a specific group without the need for probate or other legal processes that could delay the transfer. Therefore, the correct understanding of "right of survivorship" encapsulates this immediate transfer of interest, highlighting its significance in property law regarding joint ownership arrangements.