What does JTROS stand for in property ownership?

Joint Tenants Right of Survivorship refers to a legal concept in property ownership where two or more people hold title to a property jointly with the right of survivorship. This means that if one co-owner passes away, their interest in the property automatically transfers to the surviving co-owners, rather than being passed on to heirs or through a will. This arrangement ensures that the property remains with the living co-owners and simplifies the process of transferring ownership upon death, avoiding probate complications.

This form of ownership is particularly significant because it establishes a unity of ownership, allowing co-owners to enjoy full rights to the property while clearly outlining what happens to the property in the event of one owner’s death. Understanding JTROS is crucial for property owners as it impacts estate planning and the legal implications of joint ownership.