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Tenants in common Meaning & Definition

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Definition of Tenants in common

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

Applying "Tenants in common" to Securities Exams:

Joint accounts may be opened for any two or more competent adults. Joint accounts are never allowed to be opened for an adult and a minor. In the case of JTIC if one of that parties dies the assets become the propert of their estate not of the other owner or tenant in the account.

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