SIE practice questioneasyAccount Designations – Joint Accounts
In a joint tenants with rights of survivorship (JTWROS) account, what happens when one account holder dies?
- AThe surviving account holder owns the assets✓ Correct answer
- BThe account is frozen until probate is completed
- CThe deceased's estate takes ownership
- DThe assets are transferred to a trust
Explanation
Why A — The surviving account holder owns the assets
In a JTWROS account, ownership passes directly to the surviving account holder, bypassing probate. The estate does not assume ownership.
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