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 ?
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.) will pass to Georgia from Kurt.
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.
Conversely, in a joint tenancy with right of survivorship, each person has only his or her separate share ("per my") presumed to be equal for purposes of alienation, but for purposes of survivorship, each joint tenant owns the whole, so that upon death, the remainder of the estate passes to the survivor.
The IRS has stated that the nine-month period for disclaiming an interest in jointly held property runs from the date that "title is created." Depending on the type of joint tenancy employed (joint tenancy with right of survivorship or tenancy by entirety) and local law, the nine-month period may run either from the decedent's date of death or the actual date that the tenancy was designated.
In Letter Ruling 9336011,(16) the decedent held CDs in four different ways: outright; in joint tenancy with right of survivorship with his spouse and three daughters; payable on death (POD) to his surviving spouse; and in joint tenancy with his spouse, payable to his three daughters after the second spouse's death.
In some jurisdictions, a tenancy by the entirety differs from a joint tenancy with right of survivorship specifically in that the former interest is not severable without mutual consent.

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