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Trust Glossary

Joint Tenancy - A form of ownership of jointly held property such that
  • All co-owners have an equal right to use the property
  • All co-owners have an equal ownership interest in the property
  • Upon the death of any co-owner, his/her interest in the property passes to the surviving co-owners and ultimately to the last survivo
  • Any attempt to transfer the property during life generally results in the joint tenancy's being converted as a matter of law to a tenancy in common

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