SIE Exam Question 390: Answer and Explanation

Question: 390

When one of the individuals in an account opened as Tenants in Common dies, their share of the account:

• A. avoids probate
• B. reverts to the surviving co-tenant
• C. is subject to distribution in accordance with SEC Rule 15c3-3
• D. goes to their estate

Correct Answer: D

Explanation:

D: TIC, tenants in common, holds that each co-tenant in the account will have their % share of the account go to their estate upon death. In joint tenancy with rights of survivorship (JTWROS), the survivor receives the share of the other co-tenant upon death.