Who will own the property if Penny dies and Samuel dies one week later after forming a joint tenancy?

In a joint tenancy arrangement, both individuals (Penny and Samuel, in this case) hold equal shares of the property with the right of survivorship. This means that when one joint tenant passes away, their interest in the property automatically transfers to the surviving joint tenant.

When Penny dies, Samuel becomes the sole owner of the property as the surviving joint tenant. However, since Samuel dies one week later, his interest in the property does not revert back to Penny or her heirs. Instead, Samuel's interest will pass to his heirs. Consequently, Samuel's heirs will inherit the property.

Understanding this concept highlights the importance of the right of survivorship in joint tenancy, which differentiates it from other forms of ownership, such as tenancy in common, where the deceased's share would pass to their heirs rather than the survivor. This principle is crucial for understanding property rights and inheritance issues in real estate.