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Joint tenants with the right of survivorship are two or more people who own an equal interest in a property. When one person dies their interest passes automatically to the surviving joint tenant(s). In contrast, tenants in common can own unequal shares in a property and have no right of survivorship.
However, it also poses certain risks. Key Characteristics. Joint tenancy is most associated with its right of survivorship. Advantages. Ability to Avoid Probate. Rights to Rent and Profits. Right to Survivorship. Disadvantages. Exposure to Creditors. More Responsibility.
Arizona law recognizes four types of legal title to real property when it is owned by two or more persons: Tenants in Common, Joint Tenancy with Right of Survivorship, Community Property, and Community Property with Right of Survivorship.
In some states, a TOD or JTWROS beneficiary designation is even allowed for real property. When an account or asset has a TOD or JTWROS designation, the right of survivorship precedes any beneficiary designations made in a will or trust.
The dangers of joint tenancy include the following: Danger #1: Only delays probate. Danger #2: Probate when both owners die together. Danger #3: Unintentional disinheriting. Danger #4: Gift taxes. Danger #5: Loss of income tax benefits. Danger #6: Right to sell or encumber. Danger #7: Financial problems.
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Joint Tenancy With Survivorship In this arrangement, tenants have an equal right to the accounts assets. They are also afforded survivorship rights in the event of the death of another account holder. In simple terms, it means that when one partner or spouse dies, the other receives all of the money or property.
Community Property with Right of Survivorship is an estate planning tool that attempts to avoid probate issues by automatically transferring the deceased spouses one-half interest in the property to the surviving spouse. This is similar to Joint Tenancy with Right of Survivorship.
The most recognized form for a married couple is to own their home as Tenants by the Entirety. A tenancy by the entirety is ownership in real estate under the fictional assumption that a husband and wife are considered one person for legal purposes. This method of ownership conveys the property to them as one person.

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