Which ownership type allows a surviving co-owner to inherit the property interest of a deceased co-owner?

The ownership type that allows a surviving co-owner to inherit the property interest of a deceased co-owner is joint tenancy. This form of ownership is characterized by the right of survivorship, meaning that when one co-owner passes away, their share of the property automatically transfers to the surviving co-owner(s). This process occurs without the need for probate, simplifying the transfer of rights and interests in the property.

In contrast, tenancy in common does not provide for this benefit. In a tenancy in common, each co-owner has a distinct share of the property, and upon their death, their share is passed on according to their will or, if there is no will, through the laws of intestacy. This means that a deceased co-owner’s interests can be inherited by heirs other than the surviving co-owner, which can complicate ownership and management of the property.

Life estates grant an individual ownership of the property for the duration of their life, after which the property passes to another designated party, known as the remainderman. This type of ownership specifically does not provide for a right of survivorship between co-owners.

Leasehold estates involve a lessee (tenant) who holds rights to use a property owned by another (lessor) for a specified