Advertising

Joint tenants in common

• Is a type of an account whereby the death of an owner sets aside the deceased's beneficial ownership for the estate. Surviving tenants do not necessarily acquire further interests in the account. Generally, the account ownership percentage is assumed to be pro rata. That is, if there are two owners of record each is assumed to own a 50 percent interest in the account. If there are five owners, then each is assumed to own a 20 percent interest in the account. However, the percentages do not have to be equal. In such cases written documentation is necessary to indicate unequal portions because the general assumption is equal shares.

 
 Embedded terms in definition
 Interest
Shares
Type
 
 Related Terms
 

<< Joint tenants by the entirety Joint tenants with rights of survivorship >>

Practical Advice for Everyone on How to Save and Manage Money: No matter how old or young you are, there are some basic things you can do to better manage and protect your money. Here are recommendations from FDIC Consumer News. More...

We are drowning in information, but starved for knowledge. - John Naisbilt

Advertising



Copyright 2009-2018 GVC. All rights reserved.