Chartered Retirement Planning Counselor (CRPC) Practice Exam 2026 - Free CRPC Practice Questions and Study Guide

Property that has a right of survivorship essentially allows for the automatic transfer of ownership directly to the surviving owner(s) upon the death of one owner, bypassing the probate process. This feature is inherent in joint tenancy agreements, where each owner has an equal share, and the surviving tenants immediately assume full ownership without the need for court proceedings. This streamlined transition is beneficial in estate planning, as it helps avoid delays and expenses associated with probate.

In contrast, property held in tenant in common does not automatically transfer ownership upon an owner's death, as each tenant's share can be inherited by heirs, requiring probate for the transfer. Similarly, property solely owned by the decedent would require probate to transfer the assets to the designated beneficiaries, and property designated in a will also necessitates probate to execute the wishes outlined in the will. Therefore, only property with a right of survivorship achieves the distinction of bypassing probate altogether.