What does the right of survivorship entail?

The right of survivorship is a legal concept that specifically applies to joint property ownership, particularly in joint tenancy arrangements. Under this principle, when one co-owner of a property passes away, their interest in the property does not go to their estate or heirs but instead automatically transfers to the surviving co-tenant(s). This means that the surviving tenant gains full ownership of the entire property, enhancing their ownership stake without the need for probate or other legal processes typically associated with transferring property ownership after someone dies.

This concept is crucial for individuals who wish to ensure that their property bypasses the complexities of probate and directly transfers to the remaining owners, thereby simplifying the process of property succession. The other options reflect different scenarios of property transfer: one relates to distribution through a will, another to the passing of property to an estate, and the last involves common interests, which do not encompass the immediate transfer unique to the right of survivorship. Thus, the correct answer aligns perfectly with the definition and implications of the right of survivorship.