Pat and Peg own a Yamaha Waverunner Cruiser jet ski, which was purchased in February of 2022 for $20,000, as joint tenants. Pat and Peg have been best friends for over 20 years and keep the jet ski in Tom's River, New Jersey. Last March, Peg was diagnosed with pancreatic cancer and was given a year to live. Unfortunately Peg went into hospice on Feb. 1, 2023 and started fighting with Pat about several matters. Peg died on March 17, 2023 and, in her will (which was executed on February 2, 2023), left her share of the jet ski to her cousin, Pam. In terms of the jet ski, Pam now claims that she owns half of the jet ski with Pat while Pat claims that she owns 100% of the jet ski.

Who is correct in this case? Discuss fully.