What is a form of asset ownership called Joint Tenancy with Rights of Survivorship?

Joint ownership with the right of survivorship is a method of holding ownership to your property, in the state of Florida. When one of the property owners dies, and the ownership was held as joint owners with the right of survivorship, the other owner automatically inherits whatever ownership interest the joint owner had. It is a way of transferring ownership smoothly, through legal means, to the other joint owner.

Joint tenancy, also known as TBE, is the primary way that spouses own assets together. This method allows the avoidance of probate when the first spouse passes away. However, it is important for the surviving spouse not to include other family members as joint tenants. Doing so can put their assets at risk in cases of debts, bankruptcies, divorces, or lawsuits involving the additional joint tenants. Additionally, joint tenancy could result in unnecessary estate taxes on the combined assets of a married couple.