Final answer:
Upon the death of Ringo, one of the joint tenants in an aircraft, his interest automatically passes to the surviving joint tenants, John, Paul, and George. This right of survivorship means his share is not inheritable or bequeathable. Legal steps, such as updating aviation authority records, are necessary to complete the ownership transfer.
Step-by-step explanation:
When John, Paul, George, and Ringo own an aircraft as joint tenants, they each have an equal ownership interest in the property, and there is a right of survivorship associated with joint tenancy. This means that when one joint tenant, such as Ringo, passes away, his interest in the joint property will automatically pass to the surviving joint tenants (John, Paul, and George) rather than being inheritable by his heirs or bequeathable by his will.
The specific rules can vary depending on the jurisdiction, but the general principle of joint tenancy is that the surviving owners gain the deceased owner's share. It is important for the surviving owners to check local laws and potentially update the aircraft’s registration and ownership documents with the relevant aviation authority after Ringo’s passing.
Because an aircraft is a highly regulated asset, other legal steps may be required to complete the transfer of ownership interest. For instance, notifying the Federal Aviation Administration (FAA) in the United States, and following their procedures to document and update the aircraft registration records, is crucial.