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Trusts & Estates Glossary: J

JOINT AND SURVIVORSHIP:
A phrase usually applied to annuities under which during the lifetime of both husband and wife, they are joint beneficiaries of the annuity and, after the death of either, the survivor becomes the sole beneficiary.

JOINT TENANCY:
The holding of property by two or more persons in such a manner that, upon the death of one joint owner, the survivor or survivors take the entire property; to be distinguished from tenancy in common and tenancy by the entirety.