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 ?
They titled the property as JTWROS and never changed it.
Assets with JTWROS titling, with beneficiary designations or in a revocable trust pass directly to the surviving owners and beneficiaries without the time and expense of going through the probate process.
CPWROS and JTWROS may share a survivorship feature, but CPRWOS lacks a clear argument for estate includibility, so the allowable basis adjustment--if any--is dubious.
Until clarification comes from the IRS, titling property JTWROS along with a side agreement that property is held as community property--an approach which has the support of Rev.
27] The 1986 regulations specifically provided that a joint tenant of JTWROS or TBE property could not "disclaim any part of the interest, including the survivorship interest, if more than nine months have passed since the transfer creating the joint tenaney.
From 1986 until 1990 the IRS took the position that, for purposes of the disclaimer regulations, JTWROS property was created at the time of the acquisition of the property by the tenants or the transfer from donor tenant(s) to donee tenant(s).
As previously mentioned, a will cannot distribute property that is owned by the decedent and another person as JTWROS.
That's not to say that JTWROS is a poor way to hold property.
Properties held as JTWROS are not the only assets beyond the reach of your will.
A bank account, like any other type of property, may be held by a married couple as JTWROS or as TBE.
In order to create and maintain the JTWROS form of ownership in real or personal property, the following four unities must exist:(5)
Generally, in order not to have the value of an asset owned as JTWROS includable in the decedent's gross estate, the decedent's personal representative must prove contribution by the surviving co-tenant(s).