What is a critical aspect of joint tenancies for property ownership?

The critical aspect of joint tenancies for property ownership is that it provides an equal right of survivorship. This means that when one joint tenant passes away, their share of the property automatically transfers to the surviving joint tenants, rather than being inherited according to the deceased's will or state succession laws. This feature helps ensure that property remains within the remaining owners and prevents it from being divided amongst heirs or creditors of the deceased.

In the context of estate planning, the right of survivorship is particularly beneficial, as it simplifies the transfer process and avoids the complexities and potential costs of probate. This attribute is often attractive for individuals looking to manage their assets effectively while providing for loved ones after their passing.

In contrast, the other aspects mentioned in the choices do not capture the fundamental nature of joint tenancies. While property taxes may need to be shared among owners, it is not a defining characteristic of joint tenancy. Ownership transfer can occur with the agreement of the co-owners, but this does not pertain specifically to joint tenancy and its unique features, such as survivorship rights. Lastly, joint tenancies are not limited to family members only; any individuals can create a joint tenancy regardless of their relationship, making it a flexible ownership option.