In the case of a joint account, on the death of one account holder, ownership of the account assets is transferred to the remaining account holder or holders.
A joint ownership of an account where, in the event of death, a deceased tenants ownership is passed to the surviving tenant.
Ownership by two people (usually spouses) in which each person owns an undivided interest in the entire property. When one joint tenant dies, the other has title to the entire property. (JTWROS)
A form of joint ownership in which the deceased ownerâ€(tm)s share automatically and immediately transfers to the surviving joint tenant(s).
In this type of account a surviving account holder will inherit the other members share of the account assets upon death of that member. All account holders may transact direct transactions in this account.
An ownership designation whereby the entire asset is owned by two or more individuals equally. At the death of one of the tenants, the decedent's interest passes to the surviving joint tenant.
A phrase used to describe an arrangement whereby when two or more people have a joint account with a brokerage firm or bank, the death of one of those persons causes ownership of the account assets to pass to the remaining account holders. While transfer of assets escapes probate, estate taxes may be applicable depending upon the amount of assets transferred.
Where two or more people have a joint account, the account and its assets transfer over to the surviving account holder in the event of the death of one of them.
Ownership of assets by two or more individuals where there is not specific fractional financial interest. In the event of the death of one party, the survivor(s) receives total ownership. See: Joint Tenancy; Probate
