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Joint tenants with rights of survivorship
From Encyclopedia PRO
Under joint tenancy, two or more individuals have ownership on an undivided basis. In other words, each joint tenant owns 100% of the same assets. Upon the death of one of the owners, the remaining owner(s) will own the entire account equally. (It would be owned 100% by the surviving tenants). The right of survivorship clause means that when on owner dies, the surviving owner(s) take full title and possession of the jointly held property. Such ownership is common among married couples since property is left to the survivor without the need for a will, thereby avoiding probate. Joint tenancy may still be subject to federal estate taxes and gift taxes.