That means that if your husband predeceases you then the annuity payments would go to you as the Survivor.
If an account is described as joint but with no survivorship rights then the funds would become part of the primary holder's estate rather than automatically passing to the other joint owner. That type of account is generally set up for purposes of convenience to allow one person to pay bills and do the banking for another person.
That phrase means nothing. It is a jumble of legal terms. A tenancy in common carries no rights of survivorship. A right of survivorship must be established by a joint tenancy or a tenancy by the entirety. Deeds should always be drafted by a professional.
If an account is described as joint but with no survivorship rights then the funds would become part of the primary holder's estate rather than automatically passing to the other joint owner. That type of account is generally set up for purposes of convenience to allow one person to pay bills and do the banking for another person.
If an account is described as joint but with no survivorship rights then the funds would become part of the primary holder's estate rather than automatically passing to the other joint owner. That type of account is generally set up for purposes of convenience to allow one person to pay bills and do the banking for another person.
Oftentimes account statements you receive from your bank or brokerage may have the abbreviation JTWROS on them. What does this strange string of letters mean to you? Often shown in its abbreviated format, JTWROS, or Joint Tenants with Right of Survivorship is a legal way to hold real property in which ownership is shared by two or more people. Each party, called a joint tenant, enjoys equal rights to the property. That's what the joint tenants part of JTWROS means. Joint Tenants with Right of Survivorship can be used in the case of unmarried or married couples. Some assets that are typically held by way of JTWROS include primary residences and bank or brokerage accounts. Sometimes business partners will hold their business property as Joint Tenants with Right of Survivorship. What happens when one of the joint tenants dies? That's where the right of survivorship comes into play. Upon the death of one of the joint tenants, the ownership of property passes directly to the other joint tenant(s), regardless of any conflicting instructions for distribution of that property in the decedent's will. So using Joint Tenants with Right of Survivorship to hold property keeps the property out of the estate of a deceased joint tenant, though estate and/or gift taxes may apply. But make sure you understand this point; liabilities attached to a property held Joint Tenants with Right of Survivorship (like a mortgage on a home) continue to be attached to that property and become the responsibility of the surviving joint tenants. Unless ownership is reregistered differently, property held Joint Tenants with Right of Survivorship passes to the estate of the last surviving joint tenant. So the next time you see these letters listed somewhere you'll know what they mean and if someone asks you how you want to register the ownership of an account you may be a little bit more prepared.
Community Property With Right of Survivorship
With right of Survivorship
It is the beneficiary of an annuity.
In most states, under the doctrine of "Election", the wife could file a claim in the husband's estate and receive a share of the value of the property. It is unclear what you mean by joint equitable owners.
I assume you mean draw on annuity early. Depends on the type annuity. If deposit type ...yes. If deferred payout annuity...no, (like a pension) not until you reach a certain age.
Yes. They mean the same thing: property ownership automatically passes to the survivor.
Neither, those are ancient common law simply terms of art that mean the interest being conveyed to the grantee is a fee interest and that the grantee will be able to sell the property while living or it will go to her heirs upon her death.A joint tenancy must be created by certain language in the deed. In many jurisdictions "as joint tenants" is sufficient. In others you must recite the entire phrase "as joint tenants with right of survivorship". If no tenancy is specified the tenancy usually defaults to a tenancy in common except in those states where a conveyance to a legally married couple automatically creates a joint tenancy with the right of survivorship.Neither, those are ancient common law simply terms of art that mean the interest being conveyed to the grantee is a fee interest and that the grantee will be able to sell the property while living or it will go to her heirs upon her death.A joint tenancy must be created by certain language in the deed. In many jurisdictions "as joint tenants" is sufficient. In others you must recite the entire phrase "as joint tenants with right of survivorship". If no tenancy is specified the tenancy usually defaults to a tenancy in common except in those states where a conveyance to a legally married couple automatically creates a joint tenancy with the right of survivorship.Neither, those are ancient common law simply terms of art that mean the interest being conveyed to the grantee is a fee interest and that the grantee will be able to sell the property while living or it will go to her heirs upon her death.A joint tenancy must be created by certain language in the deed. In many jurisdictions "as joint tenants" is sufficient. In others you must recite the entire phrase "as joint tenants with right of survivorship". If no tenancy is specified the tenancy usually defaults to a tenancy in common except in those states where a conveyance to a legally married couple automatically creates a joint tenancy with the right of survivorship.Neither, those are ancient common law simply terms of art that mean the interest being conveyed to the grantee is a fee interest and that the grantee will be able to sell the property while living or it will go to her heirs upon her death.A joint tenancy must be created by certain language in the deed. In many jurisdictions "as joint tenants" is sufficient. In others you must recite the entire phrase "as joint tenants with right of survivorship". If no tenancy is specified the tenancy usually defaults to a tenancy in common except in those states where a conveyance to a legally married couple automatically creates a joint tenancy with the right of survivorship.