SIE practice questionhardRegulation of Joint Accounts
If a married couple holds an account as tenants in common (TIC), and one spouse dies, what happens to their share of the assets?
- AIt is transferred to the broker-dealer
- BIt passes directly to the surviving spouse
- CIt passes to the deceased’s estate✓ Correct answer
- DIt reverts to the state
Explanation
Why C — It passes to the deceased’s estate
With TIC, the deceased’s share passes to their estate, not automatically to the surviving account owner. The broker-dealer or state does not receive the assets.
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