Question

Forms of Account Ownership. When would you recommend using an individual account, a joint tenancy with right of survivorship account, and a tenancy by the entirety account or your monetary assets?

Answer 1

The Forms of Account Ownership that i  would recommend is the use of:  

• An individual account - when it is a sole business.
• A  joint tenancy with right of survivorship account - Spouse or married couples, siblings .
• A tenancy by the entirety account  - Married couples.

What is a joint account with right of survivorship?

Joint tenants that has the right of survivorship (JTWROS) is known to be a form of ownership where the full account passes to the other tenant when there is the death of one of the tenants.

The tenancy that  is best for married couples is  the one that is mostly  used for a married couple and this is known to be Tenants by the Entirety.

Therefore, The Forms of Account Ownership that i  would recommend is the use of:  

• An individual account - when it is a sole business.
• A  joint tenancy with right of survivorship account - Spouse or married couples, siblings .
• A tenancy by the entirety account  - Married couples.

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