Which jointly owned assets usually pass directly to a surviving owner?

In the context of inheritance and estate law, assets held as jointly owned property with rights of survivorship typically pass directly to the surviving owner upon the death of a co-owner, bypassing the probate process.1

This form of ownership is common for various types of assets, including:

• Bank accounts: Checking and savings accounts held jointly.1
• Brokerage accounts: Investment accounts held with another person.1
• Real property: Such as a home or other real estate.1

In legal terms, this is often associated with joint tenancy, where the death of one tenant results in the remaining tenants succeeding to the deceased's share. Because these assets transfer automatically by operation of law, they do not require court supervision to be distributed to the survivor.231

It is important to note that this differs from a "tenancy in common," where a deceased owner's share would instead pass to their own heirs or devisees rather than the surviving co-owner.2