I'm filling out paperwork for my parents to open a joint
investing
account for them. (joint between them, not me)
What the heck is the difference between:
- Joint tenants with right of survivorship.
AND
- Tenants by the entirety with right of survivorship.
Joint Tenancy:
Interests accrue by one and the same conveyance commencing at one
and the same time and held by one and the same undivided
possession. The main incident of Joint Tenancy is survivorship,
by which the entire tanancy on the death of any Joint Tenant
remains to the survivor, and ultimately to the last survivor.
There can be no fractional interest. Cannot be successfully
devised by will because of automatic survivorship. Two or more
parties. One of the tenants can convey to a third person, who
then holds as tenant in common.
Tenants by the Entirety:
Same as joint tenancy except that it is between husband and wife
only, can be terminated only by joint action during their lives,
and cannot be conveyed to a third person.
Source:
http://www.guardianescrow.com/pdf/Tenancy_Definition.pdf
McGyver
