Joint Tenants in Common - JTIC
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Definition of 'Joint Tenants in Common - JTIC'
A type of brokerage account which is owned by at least two people with no rights of survivorship afforded to any of the account holders.
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Investopedia explains 'Joint Tenants in Common - JTIC'
In this type of brokerage account, a surviving tenant of the account does not necessarily acquire the rights (and account assets) of the deceased person. Rather, each tenant in the account can stipulate in a written will how his/her assets will be distributed upon his/her death. Generally, the member ownership in the account is determined on a pro rata basis, meaning that if there are two tenants in the account, each will have a 50% claim on the account's value.
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Search results for 'Joint Tenants in Common (JTIC)'
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http://www.investopedia.com/exam-guide/series-7/customer-accounts/brokerage-accounts.asp
... Joint Tenants in Common (JTIC): Under JTIC, there is no right of survivorship, and
the decedent's will stipulates how his interest will be passed to his heirs. ...
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