Joint Tenants in Common - JTIC

Joint Tenants in Common - JTIC

A type of brokerage account which is owned by at least two people with no rights of survivorship afforded to any of the account holders.

Notes:

In this type of brokerage account, a surviving tenant of the account does not necessarily acquire the rights (and account assets) of the deceased person. Rather, each tenant in the account can stipulate in a written will how his/her assets will be distributed upon his/her death. Generally, the member ownership in the account is determined on a pro rata basis, meaning that if there are two tenants in the account, each will have a 50% claim on the account's value.

See also: Beneficiary, Broker, Heir, Joint Tenants with Right of Survivorship - JTWROS, Pro-rata, Will