What does "joint tenancy with right of survivorship" ensure?

Joint tenancy with right of survivorship is a specific form of property ownership that creates a direct and automatic transfer of ownership to surviving tenants when one of the joint tenants passes away. This means that if one owner dies, their share of the property does not get passed to their heirs or beneficiaries, but is automatically transferred to the remaining joint tenants. This characteristic makes joint tenancy particularly beneficial for co-owners who want to ensure that their ownership interest seamlessly transfers to the other co-owners without the need for probate or legal intervention.

The other options do not accurately reflect the nature of joint tenancy with right of survivorship. For instance, equal distribution among heirs is not applicable because joint tenancy overrides traditional inheritance laws. Similarly, while joint tenants may enjoy some financial benefits regarding creditors during their ownership, this arrangement does not specifically provide blanket protection against creditors. Lastly, division of property in legal disputes relates more to the arrangement of ownership rather than the survivorship aspect that joint tenancy emphasizes. Thus, the main feature and benefit of joint tenancy with right of survivorship is the automatic transfer of ownership to the surviving tenants.