The rule of survivorship applies where property is owned jointly under a joint tenancy and where one co-owner dies. Upon death the deceased’s share of the property passes automatically to the surviving joint tenants. The property therefore cannot pass under their Will or under the rules of Intestacy. If the joint owners want their share to pass under their Will, they must sever the joint tenancy to create a 'tenancy in common. '
The rule of survivorship also relates to other jointly held assets, such as, bank accounts. The same principle will apply, i.e. where one joint owner dies, their share will pass to the surviving joint tenants.