Joint Tenancy: How it Works
Two or more people can jointly own property. They do not need to be married or related. It is assumed that each tenant owns an equal share of the property. Additionally, a joint tenant may sell or otherwise dispose of his/her share of a property without the explicit permission of the co-tenant. If this happens, a tenants in common relationship is born.
Joint Tenancy: When One Tenant Dies
When a joint tenant dies, the right of survivorship element inherent causes his/her ownership stake to pass automatically to the other joint tenant(s). As such, what a will might say would be irrelevant. When there is only one tenant still alive, the surviving tenant owns the entire asset alone.