What does right of survivorship mean?

Right of survivorship means that when one co-owner of a property dies, their share automatically passes to the surviving co-owner rather than going through probate. It's common with married couples who hold a home or bank account as joint tenants with right of survivorship. The transfer is immediate and doesn't depend on a will. It's a simple tool, though adding a co-owner can have tax or creditor consequences, so it's worth understanding before retitling assets.