In joint tenancy, what right do co-owners have after one owner passes away?

In joint tenancy, the distinguishing feature is the right of survivorship. This means that when one co-owner passes away, their interest in the property automatically transfers to the surviving co-owners. This principle ensures that the property remains within the ownership of the surviving joint tenants without the need for probate proceedings, which are typically required to settle a deceased person's estate.

The right of survivorship is fundamental to joint tenancy and differs from other forms of property ownership, such as tenants in common, where an owner's share would pass according to their will or state law, rather than automatically to the surviving co-owners. Thus, the correct answer highlights an essential aspect of joint tenancy, emphasizing how ownership changes upon the death of a co-owner. The other options do not capture this unique characteristic of joint tenancy.