Joint tenancy with rights of survivorship is a method by which two or more persons co-own property. Upon the death of one of the owners, there is a right of survivorship in the interest of the other owners. The ownership interest in the deceased person will immediately transfer to the other persons and does not pass through to the deceased owner’s estate.
For example, John Doe and Jane Smith have a joint bank account with rights of survivorship. If John passes away, his interest in and rights to the bank account will immediately go to Jane Smith.