Joint Tenants with Right of Survivorship - JTWROS
A type of brokerage account which is owned by at least two people, where all tenants have an equal right to the account's assets and are afforded survivorship rights in the event of the death of another account holder.
Investopedia Commentary
In this type of brokerage account, a surviving member will inherit the total value of the other member's share of account assets upon the death of that other member. All members of the account are afforded the power to conduct investment transactions within the account as well.
Related Links
Skipping-Out on Probate Costs
Who Is The Beneficiary Of Your Account?
See also: Beneficiary, Broker, Heir, Will
Also spelled: JTWROS