Final answer:
Upon the death of a joint tenant, the property is owned by the surviving joint tenant(s) due to the right of survivorship characteristic of joint tenancies, not by the estate of the deceased.
Step-by-step explanation:
When a person passes away, the ownership of property held in joint tenancy is a key topic to understand. Joint tenancy is characterized by the right of survivorship, which means that when one joint tenant dies, the surviving joint tenant(s) automatically acquire the deceased tenant's share of the property. Thus, upon death, the ownership of a joint tenancy property does not go to the estate of the deceased; instead, it is owned by the surviving joint tenant(s).
In the context of intestacy, where a person dies without a will or trust, the intestate succession laws of the state would not apply to property held in joint tenancy. Rather, properties held in this manner bypass the probate process, which is the legal procedure through which estates are settled under court supervision when there is no will. So, to directly answer the question: upon the death of one of the co-owners in a joint tenancy, the property is owned by the surviving joint tenant(s), not the deceased's estate.