Customer AccountsQuestion 69 of 110
In an account registered as joint tenants with rights of survivorship, when one owner dies:
a.The deceased owner's interest passes automatically to the surviving owner
b.The deceased owner's interest passes to the deceased owner's estate
c.The account must be liquidated and the proceeds split evenly
d.The account converts automatically to tenants in common
Explanation
Rights of survivorship mean the surviving tenant takes full ownership without the assets passing through probate. Passing the interest to the estate is the defining feature of tenants in common, not JTWROS. Nothing in the registration forces liquidation or an automatic change of form, though the firm will require a death certificate and new paperwork.
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