Joint Tenants in Common (JTIC)
A type of brokerage account which is owned by at least two people with no rights of survivorship afforded to any of the account holders. Investopedia Says:
In this type of brokerage account, a surviving tenant of the account does not necessarily acquire the rights (and account assets) of the deceased person. Rather, each tenant in the account can stipulate in a written will how his/her assets will be distributed upon his/her death. Generally, the member ownership in the account is determined on a pro rata basis, meaning that if there are two tenants in the account, each will have a 50% claim on the account's value. Related Terms:
Beneficiary
Broker
Heir
Joint Credit
Joint Tenants with Right of Survivorship - JTWROS
Pro-rata
Will |