Right of survivorship

A feature of many joint accounts (often shown as JTWROS, joint tenants with right of survivorship) under which, when one owner dies, the balance passes automatically to the surviving owner(s) outside of probate, regardless of what the deceased's will says. It is a common reason couples and family members hold accounts jointly, since it gives the survivor immediate access to the funds. It is set at account opening based on how the account is titled, and not every joint account carries it.