On a bank account, what is the difference between joint tenancy with right of survivorship and co-ownership?

Question

Am considering how to re-title my bank account for my wife's benefit.

Answer 1

your states' or provinces' or nations laws control this.

***
most places in the US, a co-owner account is immediately frozen as soon as the bank discovers that one of the co-owners has died. Thereafter, it is up to the executor of the deceased person's estate to determine what portion belongs to the estate and what portion belongs to the other co-owner.

a right of survivorship account passes automatically to the surviving owner after either of them dies. No executor, no estate, no court -- immediate access. {part of the balance at death may still be considered part of the estate of the deceased for estate tax purposes and that's the executor's problem -- for most folk, it won't apply as their estate won't be big enough to owe any estate tax -- subject to the whims of Congress, of course.]


does this help?

Answer 2

Tenant-in-consumer-friendly: joint proprietors, each and every with their very own proportion, do no longer would desire to married or proper, can one and all after the different sell or will their pursuits without the others Joint Tenants: any style of persons, proper or no longer, can very own at an identical time, no longer in separate shares, and whilst one dies, the the remainder of the valuables immediately passes to the relax joint tenant(s). often observed with the aid of the word "with rights or survivorship", yet no longer in all states. because of fact the valuables passes at death, you are able to no longer provide it away on your will...or in case you do, the survivorship ingredient could be severed and it turns right into a multitude. there is no such variety of possession as "joint tenancy in consumer-friendly"

Answer 3

not important until some one dies -- in co owner the account is frozen until the court decides who gets the othe half -- joint it will go to the other person with out waiting on a court!!!