Yes, with the right of survivorship in a joint tenancy, the surviving party can avoid probate, which saves a great deal of money and time. However, joint tenancy with the right of survivorship means that the tenants do not have the right to name a beneficiary and even if they have the beneficiary has no legal right to the property. Joint tenancy with right of survivorship tends to be restrictive and can cause tax complications, which is why it’s important to speak to an attorney about your specific situation.