Account Registration Types

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Chapters in this video

  1. 0:00 What happens to money when a client dies
  2. 0:54 Individual accounts and probate purgatory
  3. 1:47 JTWROS versus TIC: the joint account deathmatch
  4. 3:30 Community property step-up basis magic
  5. 4:23 Re-registration and principal approval
  6. 5:02 Business account paperwork rules
  7. 6:12 Rapid-fire exam recap

What this video covers

  • What happens to individual account assets at death, and how a Transfer on Death (TOD) beneficiary skips probate entirely
  • Why joint tenants with rights of survivorship (JTWROS) avoids probate but tenants in common (TIC) sends assets straight to the deceased owner's estate
  • How TIC allows unequal ownership percentages while JTWROS requires strictly equal shares
  • Why tenancy by the entirety (TBE) is limited to married couples and provides special creditor protection
  • When community property applies (approximately 9 states) and why both halves receive a full step-up in basis at death
  • What three steps a re-registration requires: consent of all current owners, new account documentation, and principal approval
  • Which business accounts need what paperwork: sole proprietorship (none beyond owner ID), partnership (partnership agreement), corporation (corporate resolution), and unincorporated association (authorized signers document)

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