by 
The Curious Bag
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Joint tenancy and tenancy in common are forms of property ownership for two or more people. They provide different mechanisms for transferring ownership that affect how and to whom property may be transferred.
Joint Tenancy
Joint tenants share legal title to the property. Each of the owners has an equal share in the value of the property as a whole.
Tenancy in Common
Tenants in common each have separate legal title to the property. Their ownership rights may be equal or unequal, but they apply to the property as a whole, not to identified parts of the property.
Property Transfer
Property held in joint tenancy automatically becomes the property of the other joint tenant(s) when one joint tenant dies. Property held by tenants in common goes to the heirs of the estate, determined by a will or the laws governing heirs, when one of the tenants dies.
Advantages
Joint tenancy transfers property efficiently without the expense and complication of probate procedures. A tenant in common has more control over who inherits the property.
Disadvantages
Joint tenancy overrides the owner's expressed intent to leave property to anyone other than the joint tenant(s). The heirs of a tenant in common must prove their right to inherit the property.
Source:
"Property Ownership: Estate Planning," Montana State University Extension
"ABA Family Legal Guide," FindLaw
"Joint Tenancy," The Iowa State Bar Association
Resource:
AARP.org
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