The ownership of assets after the person passes away. Introduction: Tenancy in common refers to that as the person dies and is the owner of the firm and tenancy in common has been followed there, then after the death of that person the ownership of portion of that co owner will be transferred to the heirs of that person and not to the other co owner of the business. Joint tenancy account with the right of survivorship refers to the joint account that means as the person dies and is the owner of the firm and Joint tenancy account with the right of survivorship has been followed there, then after the death of that person the ownership of portion of that co owner will be transferred to the other co owner automatically and will not be transferred to the heir of that person who has died.

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Chapter 11, Problem 8PA

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The ownership of assets after the person passes away.

Introduction:

Tenancy in common refers to that as the person dies and is the owner of the firm and tenancy in common has been followed there, then after the death of that person the ownership of portion of that co owner will be transferred to the heirs of that person and not to the other co owner of the business.

Joint tenancy account with the right of survivorship refers to the joint account that means as the person dies and is the owner of the firm and Joint tenancy account with the right of survivorship has been followed there, then after the death of that person the ownership of portion of that co owner will be transferred to the other co owner automatically and will not be transferred to the heir of that person who has died.

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