What is the primary benefit of joint tenancy in relation to asset transfer?

The primary benefit of joint tenancy in relation to asset transfer is that it enables assets to move by survivorship. In a joint tenancy arrangement, when one co-owner dies, their share of the property automatically passes to the surviving co-owner(s) without the need for probate. This mechanism, known as the right of survivorship, ensures a seamless and immediate transfer of ownership, allowing the surviving owner(s) to retain full control over the asset without incurring the delays and costs typically associated with the probate process.

This characteristic of joint tenancy is particularly advantageous as it provides clarity and security for the surviving owners, effectively avoiding potential legal disputes and ensuring that the deceased owner's interests are not left open to claims or complications from their estate. The transfer thus occurs automatically, which can significantly simplify the process of managing and distributing assets after a co-owner's death.

While other considerations, such as simplifying the probate process and potential tax implications, may be beneficial in certain contexts, the defining and primary attribute of joint tenancy remains the feature of survivorship, making it an essential aspect of estate planning for many individuals.