Rights of Joint Tenants in Common
Joint tenants in common (JTIC) refers to the ownership rights of co-owners of brokerage accounts, real estate and other jointly owned financial interests. Ownership interests differ between brokerage and real estate accounts.
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Basics
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The surviving party of a JTIC account does not automatically gain ownership to the assets of the deceased party. Each tenant determines disposition of assets based on a will.
Brokerage account interest
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Typically in a brokerage account the member ownership of the JTIC account gets determined pro rata, with each member having an equal claim on the account's value.
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Real estate account interest
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Real estate JTIC accounts differ from brokerage accounts. Members can have unequal claims to the account's value.
Brokerage rights
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If an original tenant passes away and the assets get distributed to his heirs, the heirs become the new JTIC with the other original owner.
Real estate rights
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A JTIC holder can sell her interest in the property without the approval of the other JTIC holder. The purchaser becomes the new JTIC with the other original owner.
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