Survivorship (assets passing by)

Assets in joint ownership can either be held as joint tenants (www.practicallaw.com/resource.do?item=:45423455), or as tenants in common (www.practicallaw.com/resource.do?item=:45424269).

When joint owners hold an asset as joint tenants, on the death of one of the joint owners the asset passes to the surviving owner (or owners) automatically, irrespective the deceased joint owner's will (www.practicallaw.com/resource.do?item=:42379240). This is what is meant when assets are said to pass by "survivorship".

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