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Glossary of Terms beginning with J
- Joint and Survivorship Gift Annuity
A Charitable Gift Annuity based and paid on the lives of two persons. After the death of one, the survivor continues to receive the annuity for life. See “Charitable Gift Annuity”. Not required that the two persons be related.
- Joint Tenancy with Right of Survivorship
Intentionally created form of ownership typically used by husband and wife for assets such as the homestead and bank accounts; these are non-probate assets that pass directly to the surviving joint tenant upon death of one joint tenant. These assets are included in accounting of federal and state estate taxes.
- Jointly-Owned Property
Property owned by two or more individuals. If joint property is owned with rights of survivorship, when one joint owner dies, ownership automatically transfers to the survivor(s). See “Rights of Survivorship”.