Life Events: Transferring Joint Tenancy Accounts to New Owners
Upon the death of a joint account owner, assets will transfer based on the specific situation for that account, the most common of which are outlined below.
1. Joint tenancy account with one or more owners still living.
If one or more of the account owners is still living, the account assets transfer directly to the surviving joint owner(s).
Forms and documents you will need to provide:
- Change of Registration for Nonretirement Assets Due to Death Form (PDF). The form must include either a Medallion Guarantee, or a certified death certificate.
- New Account Application — Individuals (PDF)
- Inheritance tax waiver, if applicable
- Nonretirement Account Redemption (PDF), if applicable
Helpful tip: If you plan to contact us, please have the deceased account owner’s full name, address, Social Security number, and date of death.
Can a new joint owner be added to the account?
Yes, a new joint owner can be added to the account. Along with the Change of Registration for Nonretirement Assets Due to Death form (PDF), a New Account Application (PDF) should be completed. On the application, the new joint owner will indicate their information along with the surviving joint owner. Note that both the surviving joint owner and the new joint owner need to sign the application.
2. Joint tenancy account without a named beneficiary and all owners deceased
If the joint tenancy account has no beneficiary and all owners are deceased, the account assets transfer to the estate of the joint owner who passed away most recently.
Probated estate — forms and documents you will need to provide:
- Certified Letters of Testamentary or Letters of Administration, dated within 180 days of receipt at our office
- Photocopy of the death certificate for first joint tenant to pass away
- Change of Registration for Nonretirement Assets Due to Death (PDF)
- New Account Application — Trusts, Estates (PDF)
- Inheritance tax waiver, if applicable
- Nonretirement Account Redemption (PDF), if applicable
Nonprobated estate — forms and documents you will need to provide:
- A notarized small-estate affidavit for the joint owner who passed away most recently
- Photocopy of the death certificate for first joint tenant to pass away
- Change of Registration for Nonretirement Assets Due to Death (PDF)
- New Account Application — Individuals (PDF)
- Inheritance tax waiver, if applicable
- Nonretirement Account Redemption (PDF), if applicable
Helpful tip: If you plan to contact us, please have the deceased account owner’s full name, address, Social Security number, and date of death.
3. Joint tenancy account with a Transfer on Death (TOD) registration and all owners deceased
If all joint tenancy account owners are deceased and there is a TOD beneficiary, account assets transfer directly to the beneficiary.
Forms and documents you will need to provide:
- Photocopy of the death certificates
- Change of Registration for Nonretirement Assets Due to Death (PDF)
- New Account Application — Individuals (PDF)
- Inheritance tax waiver, if applicable
- Nonretirement Account Redemption (PDF), if applicable
In the case of a joint tenancy with all owners deceased, what if the TOD beneficiary is also deceased?
If the TOD beneficiary is also deceased, a photocopy of the death certificate for the beneficiary will need to be provided.
If the beneficiary passed away prior to the account owner, the assets will then go to any remaining primary beneficiaries. If there are no additional primary beneficiaries, the assets will then go to any secondary beneficiaries. If there are no secondary beneficiaries, the assets will then go to the account owner’s estate.
If the beneficiary passed away after the account owner, the assets will then go to the estate for the account owner.
If there are multiple beneficiaries, must they claim the assets at the same time?
If there are multiple beneficiaries, each beneficiary may complete their paperwork separately and they do not need to submit all forms together.
