What is the Right of Survivorship in property ownership?

The Right of Survivorship is a legal principle that specifically pertains to how property ownership is structured among co-owners. When individuals hold property as joint tenants with the right of survivorship, it means that upon the death of one co-owner, their share of the property automatically transfers to the surviving co-owners, rather than being passed on to the deceased's heirs or estate. This arrangement ensures that the property remains within the group of surviving owners without the need for probate or any legal formalities associated with a will.

This understanding is crucial in the context of estate planning and property management, as it impacts how assets are distributed upon death and can influence decisions regarding joint ownership arrangements. In contrast to this, the other options highlight different aspects of property ownership or inheritance that do not involve the automatic transfer of property interest among co-owners. For example, the ability to transfer ownership to heirs pertains to wills or estate plans, ownership being split equally involves scenarios of intestate succession, and the right to sell property typically requires consent from all owners in joint ownership situations unless otherwise specified in an agreement.