Monday, February 9th, 2015

Individual or Joint Account for my on-line stock trading account?

I am married and thinking of opening a stock in l? Line trading account. My wife never afford? to account for operations because it leaves the farm for me?. That said, I do the individual or joint account? If I do in participation? No, it should be: joint tenants with right of survivorship (JTWROS) – After the death of an account holder, their interest? S in the account passes owners to survive.? OCopropietarios in com? n (JTIC) – After the death of an account holder, their interest? s wrong with your heritage.

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3 Responses to “Individual or Joint Account for my on-line stock trading account?”
  1. Common Sense says:

    I’m in the exact same situation. All our trading accounts are joint with rights of survivorship. It simply makes things a whole lot easier for her…. if needed.

  2. BILLY D says:

    JTWROS is the easier if something were to happen to you. It generally allows you the ability to do anything without getting an additional signature except opening the account.

    I do have an individual account, but only because my wife was out of town and i wanted to open ASAP. We plan on transfering all assets to a JTWROS when we have time.

  3. CFP | EA says:

    Assets you own jointly – as JTWROS – avoid probate at your death, and automatically become the property of the surviving co-owner by “operation of law.” Your Will is disregarded. Your interests in a TIC account pass to the beneficiaries in your WIll and, accordingly, are probate assets. If you have no will, your interests in a TIC account will pass to your heirs in accordance with your state’s intestacy statutes. If avoiding probate is an objective, TIC doesn’t work.

    If you’d like to maintain complete and sole control over the account, and avoid probate at your death, set up a Transfer on Death (TOD) account at the brokerage firm. Last time I checked, TOD registrations are available in 49 states; all but Louisiana. If your online trading company doesn’t recognize TOD registrations, consider finding a different one. The registration would look something like this:

    (Owner’s name) TOD (name of beneficiary, or multiple beneficiaries)

    PS – regardless of the way you title your accounts, don’t forget to execute Durable Powers of Attorney – one for each of you – to handle your financial affairs in the event of incapacitation. An attorney, competent in estate planning, can do this for you.

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