Joint tenancy with survivorship is a way for two or more persons to hold equal interests in an asset. If one joint tenant dies, his or her share generally passes automatically to the other joint tenant by right of survivorship. This can eliminate questions about ownership of the account, and helps prevent funds from being tied up in probate court.
For example, if a married couple own an account jointly with rights of survivorship and one dies, the money in the account belongs to the surviving spouse.
Your State Farm® agent can help explain your options to you, assist in setting up your joint account or policy, and answer general questions you and your advisers may have.
Or call 844-242-1899 for a quote.
Neither State Farm® nor its agents provide tax or legal advice.
State Farm Life Insurance Company (Not licensed in MA, NY or WI)
State Farm Life and Accident Assurance Company
(Licensed in New York and Wisconsin)
Home Office, Bloomington, Illinois
Each insurer is financially responsible for its own products.
IL - 27.7