joint tenancy with right of survivorship


Also found in: Acronyms.

Joint Tenancy with Right of Survivorship

The ownership of property for which the co-owners have right of survivorship. In other words, if two or more persons jointly own a property with right of survivorship and one of them dies, the property does not become part of a decedent's estate; rather, the other owner(s) continue to own the property. A married couple may be joint tenants with right of survivorship on their house, for example. Less commonly, two business partners may be joint tenants with right of survivorship on a business property: if two persons own an apartment complex and one of them dies, the whole of the complex belongs to the co-owner, and not the decedent's heirs. It is important to note, however, that the decedent's liabilities may remain attached to the property and the property may be used to pay off creditors, even if the creditor had nothing to do with the property in question.

joint tenancy with right of survivorship (JTWROS)

Asset ownership for two or more persons in which each owner holds an equal share and may give away or sell that share without the permission of the other owner(s). In the event of death, an owner's share is divided equally among the surviving co-owners. Also called right of survivorship. Compare tenancy in common. See also tenancy by the entirety.
References in periodicals archive ?
At common law, it was not clear whether a joint tenancy with right of survivorship could be created by a conveyance from the owner to the owner and another because of the requirements of unity of time and unity of title.
Despite that argument, the court found that the grantors' intention was crystal clear and that a joint tenancy with right of survivorship had been created.
Thus, with respect to real property, whether TBE or joint tenancy with right of survivorship, it is clear that the estate can be created by the conveyance by one owner to the owner and another.
Accordingly, a one-third proportionate share of the value of the joint tenancy with right of survivorship assets includable in Kurt's gross estate (which is one-half the value of the assets that were jointly held between Kurt, Georgia, Gina and Kurt, Jr.
As to how much of each account should be included in Harry's gross estate for purposes of the Federal estate tax, all three accounts were in effect joint tenancy with right of survivorship demand accounts in the names of the three respective signators.

Full browser ?