Joint Tenants with Rights of Survivorship / JTWROS

Definition - What does Joint Tenants with Rights of Survivorship / JTWROS mean?

Joint Tenants with Rights of Survivorship / JTWROS is a joint account where the assets of a party who has died transfers to the surviving party, not the decedent’s estate.

Testopedia explains Joint Tenants with Rights of Survivorship / JTWROS

Often times when a husband and wife have a joint account the parties will want the surviving spouse to receive the ownership of the account in the event of the death of one party. Should one spouse die the assets in the account will be retitled into the name of the surviving party. Once the assets are retitled the account will become a individual account.

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