Very basic question... In opening a taxable account with my husband, I need to choose one of the following options:
1) Joint tenants with right of survivorship: Each tenant owns an undivided interest in the account. Upon the death of one tenant, ownership of the account passes to the survivors without going through probate.
2) Tenants in common: Each tenant owns a proportional interest in the account. There are no survivorship provisions with this type of registration. Upon the death of one owner, his or her share of the account passes to his or her estate.
3) Tenants by the entirety with right of survivorship: In this tenancy between a husband and wife, each spouse has an undivided interest in the account. Upon the death of one spouse, the surviving spouse assumes complete ownership of the account without court proceedings.
Which of them is the best route? I think (3), but I got confused since it said it was less commonly used ...
Thanks in advance!
1) Joint tenants with right of survivorship: Each tenant owns an undivided interest in the account. Upon the death of one tenant, ownership of the account passes to the survivors without going through probate.
2) Tenants in common: Each tenant owns a proportional interest in the account. There are no survivorship provisions with this type of registration. Upon the death of one owner, his or her share of the account passes to his or her estate.
3) Tenants by the entirety with right of survivorship: In this tenancy between a husband and wife, each spouse has an undivided interest in the account. Upon the death of one spouse, the surviving spouse assumes complete ownership of the account without court proceedings.
Which of them is the best route? I think (3), but I got confused since it said it was less commonly used ...
Thanks in advance!
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