As Attorney Lampert says,JTRS meansjoint tenants with the right of survivorship. If the deed was prepared properly (and there are frequently mistakes in preparing this type of co-ownership),it means that when one of the owners dies,the interest of that owner passes automatically to the remaining owner (s) without having to go through probate.
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What does JTRS stand for?
JTRS stands for Joint Tenancy with Right of Survivorship. Suggest new definition. This definition appears rarely and is found in the following Acronym Finder categories: Military and Government. Business, finance, etc. See other definitions of JTRS. Other Resources:
What does JTWROS mean in real estate?
Understanding JTWROS. Co-tenancy is a property law concept that describes the various ways that a piece of property can be owned by two or more people at the same time. A JTWROS is one version of co-tenancy that gives co-owners the right of survivorship.
What is a joint tenancy in real estate?
In real estate, a joint tenancy allows two or more people to own the same property. The co-owners of a home are also referred to as joint tenants. Owning a home with others as a joint tenant gives you a right of survivorship.
What is a joint tenant with right of survivorship (JTWROS)?
What Is a Joint Tenant With Right of Survivorship (JTWROS)? The term joint tenant with the right of survivorship (JTWROS) refers to a legal ownership structure involving two or more parties for any type of financial account or another asset.