View source for Property in Wills and Estate (16:IX)

== A. Joint Tenancy and Tenancy in Common ==

Where property is owned by more than one individual, it may be held in “joint tenancy” or “tenancy in common.” The main difference between a joint tenancy and a tenancy in common is that, in the case of a true joint tenancy, each joint tenant receives the right of survivorship. The result is that, upon the death of one joint tenant, the other becomes entitled to the whole of the property. The testator’s interest in the property does not form a part of their estate and does not pass under the will. Instead, it passes “outside the will” to the surviving joint tenant(s). 

The right of survivorship has its benefits as well as problems. Because the testator’s interest in the property held under joint tenancy does not become a part of the estate, probate fees related to the property can be avoided as the interest passes outside the will. Placing assets in joint tenancy may also avoid costs and delays associated with obtaining probate. Furthermore, a beneficiary of a will who is not satisfied with their gift under the will cannot make a claim under ''WESA'' to obtain a greater share in the estate for property that passes outside of the estate. One drawback of placing assets in joint tenancy is that the surviving tenant owns the asset and does not need to respect the will-maker’s wishes on how they may have wanted their asset dealt with after their death. 

In contrast, where owners hold an interest in the property as tenants in common, each has a separate undivided share.  Upon death, each owner’s individual share forms part of their estate.