What characterizes joint tenancy?

Joint tenancy is characterized by joint ownership with the right of survivorship. This means that when one joint tenant passes away, their interest in the property automatically transfers to the surviving joint tenants rather than being passed on to heirs or through a will. This right of survivorship is a fundamental aspect of joint tenancy, distinguishing it from other forms of property ownership.

In joint tenancy, all co-owners hold an equal share in the property and have equal rights to use it. The unity of possession, interest, time, and title is crucial in establishing a joint tenancy. This legal arrangement not only simplifies the transfer of property upon death but also avoids probate, allowing for a more straightforward transition of property ownership.

The other options do not accurately describe joint tenancy. A rental agreement between multiple tenants refers to a leasehold situation, while property held in trust pertains to a fiduciary arrangement rather than joint ownership. Similarly, ownership divided among multiple entities without survivorship would indicate a tenancy in common, where each owner has an independent share that does not automatically pass to the other owners upon death. Therefore, the defining characteristic of joint tenancy is indeed the right of survivorship.