What ownership interest passes to one's heirs upon death?

The concept of ownership interest that passes to one's heirs upon death is best represented by a Tenancy in Common. In a Tenancy in Common, each owner has an individual share of the property that is not automatically transferred to the other co-owners upon death. Instead, when an owner dies, their share of the property passes to their heirs as determined by their will or by state inheritance laws. This ensures that the deceased owner's right to their share is honored and that their heirs receive that portion of the property.

In contrast, Joint Tenancy has the right of survivorship, meaning that upon the death of one joint tenant, their interest automatically passes to the surviving joint tenants, not to their heirs. A Life Estate grants an individual the right to use and benefit from a property during their lifetime, but upon their death, the property reverts back to the original owner or their heirs, thus not passing to the life tenant's heirs. Lastly, a Leasehold Estate does not grant ownership interest and is instead a rental agreement for a set period, which is not inherited upon death.