JTWROS


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.

JTWROS

References in periodicals archive ?
In her will, Thelma left her assets--including her share of the vacation home--to her husband and their children; however, the sisters never changed the title of the cabin from JTWROS. Consequently, the home will become fully owned by Molly, rather than 50% owned by Thelma's heirs.
Assets owned as JTWROS or with beneficiary designations won't be controlled by your will; in fact, an instruction in your will is likely to be ignored when it comes to JTWROS property or assets with a designated beneficiary.
For both JTWROS and the non-survivorship version of community property, the basis step-ups allowed under IRC Sec.
TBE property can only exist between a husband and wife, and, as opposed to JTWROS property, spouses holding TBE property are treated legally as one person in Florida.[9] Neither spouse holds an individual share of TBE property, but rather, upon the death of the first spouse, the surviving spouse continues to hold the entire property.[10]
For example, if the decedent spouse owns property as JTWROS with the other spouse, or the surviving spouse is designated beneficiary of the decedent spouse's contract benefits (i.e., individual life insurance, group life insurance, qualified plan benefits, individual retirement account [IRA], salary continuation benefits, nonqualified deferred compensation, etc.), then, upon the decedent spouse's death, those assets pass directly to the surviving spouse and not by the terms of the decedent spouse's will.
They owned it as JTWROS. Both brothers married and had children; their families used the cabin for many vacations and watched the house grow in value.
However, recent cases from the Second and Third district courts of appeal have held that the ownership interests of joint account owners in funds held as joint tenants with rights of survivorship (JTWROS) survive their withdrawal, under certain circumstances, by one of the other account owners.
One of the most troubling areas in estate planning is the treatment of property owned as joint tenancy with right of survivorship (JTWROS) and tenancy by the entirety.
However, in this case, each person owns an identical share and usually has a right of survivorship (JTWROS).
Currently, the Dions own their personal residence as JTWROS. If, instead, they owned the property as a tenancy by the entirety, how could this form of ownership be terminated?
* All non-retirement assets are owned as JTWROS at this time.
Kevin and Sonya own a home as Joint Tenants with Right of Survivorship (JTWROS) that has a market and replacement value of $245,000.