Accounts & CustomersQuestion 56 of 125
In a joint tenants with rights of survivorship (JTWROS) account, when one owner dies:
a.The account is frozen permanently
b.The deceased owner's interest passes automatically to the surviving owner(s)
c.The estate must sell all securities immediately
d.The account converts to a corporate account
Explanation
In a JTWROS account, the surviving owner automatically inherits the deceased owner's interest in the account, bypassing probate. This contrasts with tenants in common, where a deceased owner's share passes to that owner's estate according to their will or state law.
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