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Joint tenants in common /JTIC Meaning & Definition

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Definition of Joint tenants in common /JTIC

Joint tenants in common /JTIC is a joint account where the asset of a party who has died transfers to the decedent’s estate, not the other tenant.

Applying "Joint tenants in common /JTIC" to Securities Exams:

When two individuals open an account who are not married they may wish for their ownership in the account to transfer to their heirs in the case of their death. In this case the joint account between two adults would be established as joint tenants in common. If one of the owners dies their assets will be distributed according to their Will.

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