Three siblings hold a joint investment brokerage account designated as Tenants in Common (TIC), each owning an equal one-third percentage interest. Upon the unexpected death of one sibling, what happens to the deceased owner's share of the account assets?
- The deceased owner's share transfers to their estate and is distributed according to their will or legal probate process.Cevap
- BThe deceased owner's share automatically passes in equal portions to the two surviving siblings.
- CThe surviving siblings automatically receive the deceased owner's share if they submit a revised account application within 30 days of death.
- DThe entire brokerage account automatically converts into a Joint Tenants with Rights of Survivorship (JTWROS) account between the remaining siblings.
Cevap
The deceased owner's share transfers to their estate and is distributed according to their will or legal probate process.
In a Tenants in Common (TIC) account, each tenant owns a specified percentage of the account assets. When a tenant dies, their designated share passes directly to their estate to be distributed in accordance with their will or state probate law. Unlike JTWROS, surviving account holders do not inherit the deceased owner's interest automatically.
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Anahtar Kavram
Tenants in Common (TIC) vs. Joint Tenants with Rights of Survivorship (JTWROS)