Series 7 Exam Question 138: Answer and Explanation

Question: 138

A husband and wife open up an account as joint with tenants in common. If the husband dies, what must be done with his portion of the account?

  • A. The entire account is transferred to the wife
  • B. The husband’s portion of the account is transferred to his estate
  • C. The account is divided equally between the wife and the husband’s estate regardless of the contribution of each
  • D. None of the above

Correct Answer: B


B. Typically a husband and wife open a joint with survivor account. However, in this case, the husband and wife opened a joint account with tenants in common. So, if one partner dies, their portion of the account is transferred to their estate.

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