What Does Joint Tenancy With Right Of Survivorship Mean?
Joint tenancy account means that two individuals, usually the person who is the account owner adds someone as a joint tenant with right of survivorship to their account. That means that, when the primary account holder dies, that the person that they've named, that the property or the asset, in this case usually either a bank account or some sort of investment account, automatically transfers to the other person upon death. So those accounts have many different names. Joint tenant with right of survivorship, a transfer on death account, a pay on death account; but they all essentially mean the same, which is when one party to the account dies the other party automatically receives that free of probate, outside of the probate process.
By
Keith Morris & Stacy Kelly, Attorneys at Law
