Joint Tenancy Survivorship
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.
Important Joint Ownership Information
- A joint account or policy can be owned by two or more people.
- Joint account or policy owners should be identified as "joint tenants with rights of survivorship."
- Joint policy owners act together to make changes to the policy, and any owner can access its funds.
- If one joint owner dies, the other owner(s) will have uninterrupted access to funds.
Opening Your Joint Ownership Account or Policy
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.
Find an Agent Near You
Disclosure
Neither State Farm® nor its agents provide tax or legal advice.
State Farm Life Insurance Company (Not licensed in MA, NY or WI)
Bloomington, IL
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.
State Farm Bank®, F.S.B., Bloomington, Illinois ("Bank") is a Member FDIC and Equal Housing Lender. NMLS ID 139716. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and may be subject to investment risk, including possible loss of principal invested. The Bank encourages any interested individual(s) to submit an application for any product(s) offered by the Bank. We also encourage you to obtain information regarding the Bank's underwriting standards for each type of credit or service offered by visiting statefarm.com® or by contacting the Bank at 877-SF4-BANK (877-734-2265); If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services. To apply for a Bank product, you may also see your participating State Farm agent.
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