Probate, Wills and Adoptions Glossary Terms

Joint Tenancy

Sometimes abbreviated as JTWROS on financial documents, refers to the joint and equal ownership of property or assets by two people. Married couples with bank accounts often have joint tenancy, giving each equal access to the funds. Joint tenant accounts are also sometimes set up for an elderly person so that a caretaker or child may have access to funds to care for the person or pay their bills. Assets in joint tenancy are not required to go through probate court after death. Joint tenant accounts should only be set up when both people can be trusted absolutely to act in the other’s best interest.

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