How does a joint account registered as joint tenants with right of survivorship (JTWROS) differ from one registered as tenants in common (TIC) when one of the two co-owners dies?
- AIn JTWROS the deceased owner's interest passes to their estate, while in TIC the interest passes automatically to the surviving owner.
- BIn both JTWROS and TIC the deceased owner's interest passes to the surviving owner, so the two registrations are functionally identical on death.
- CIn JTWROS the deceased owner's interest passes automatically to the surviving owner, while in TIC that interest passes to the deceased owner's estate. Correct
- DIn both JTWROS and TIC the deceased owner's interest passes into that owner's estate, so probate applies equally to each registration.
Why A is wrong: This reverses the two registrations; survivorship is the defining feature of JTWROS, not of tenants in common, so the descriptions are swapped.
Why B is wrong: It is tempting because both are joint registrations, but only JTWROS carries survivorship; treating them as identical ignores the estate transfer that defines TIC.
Why C is correct: Right of survivorship means the survivor takes the whole account by operation of law, whereas a tenant in common's fractional share flows into their estate for distribution under the will.
Why D is wrong: This correctly describes TIC but wrongly applies estate transfer to JTWROS, whose survivorship feature bypasses probate for the deceased's share.