The whole JTWROS thing is a creature of the laws of the several states. Many of the states laws presume JTWROS ownership (or Tenancy by the Entirety (T by E) if the co-owners are a married couple, in some states), if no other option (such as tenancy in common) is chosen. A few states presume tenancy in common when no other option is chosen. Some states require that an affirmative selection of ownership type be made.
With JTWROS or T by E, the law typically dictates that on the death of an account owner, the ownership of such an account passes by law and contract to the surviving account owner(s), and not to the estate of the deceased owner. There's no need for that to be spelled out in the deposit contract.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8