Common use of Joint With No Right of Survivorship Clause in Contracts

Joint With No Right of Survivorship. If your Account is a joint account with no right of survivorship (Joint as Tenants in Common), upon the death of one of the joint Account Holders, that person's proportionate ownership interest will pass to the estate of the deceased Account Holder. Xxxxxx Trust Account. A Xxxxxx Trust Account is an informal trust account, reflected on our records, but without a written trust agreement, where the Account is owned by the trustee. The beneficiaries have no right to any funds in the Account during the trustee's lifetime. As the owner of the Account, the trustee may withdraw money from the Account and may, by written direction to us, change the beneficiary under the Account. When the trustee dies, the Account is owned by the named beneficiary or beneficiaries. If the Xxxxxx Trust Account is held by more than one trustee, the trustees will be subject to the rules pertaining to joint account ownership in this Agreement. If there is no surviving beneficiary upon the death of the last trustee, state law will determine ownership of the funds in the Account.

Joint With No Right of Survivorship. If your Account is a joint account with no right of survivorship (Joint as Tenants in Common), upon the death of one of the joint Account Holders, that person's proportionate ownership interest will pass to the estate of the deceased Account Holder. Xxxxxx Trust Account. A Xxxxxx Trust Account is an informal trust account, reflected on our records, but without a written trust agreement, where the Account is owned by the trustee. The beneficiaries have no right to any funds in the Account during the trustee's lifetime. As the owner of the Account, the trustee may withdraw money from the Account and may, by written direction to us, change the beneficiary under the Account. When the trustee dies, the Account is owned by the named beneficiary or beneficiaries. If the Xxxxxx Trust Account is held by more than one trustee, the trustees will be subject to the rules pertaining to joint account ownership in this Agreement. If there is no surviving beneficiary upon the death of the last trustee, state law will determine ownership of the funds in the Account.to