What is JTWROS in terms of account titling?

JTWROS stands for "Joint Tenancy with Rights of Survivorship." This account titling arrangement is significant because it allows two or more individuals to hold the title to an asset jointly. With JTWROS, when one account holder passes away, their share automatically transfers to the surviving account holder(s) without the need for probate, thus ensuring a seamless transition of ownership. This characteristic makes it a favored method for individuals wishing to simplify the transfer of assets to co-owners upon the death of one party.

The other choices do not accurately describe JTWROS. For instance, it is not merely a method for multiple users to have control over separate shares; rather, it represents joint ownership where all parties share equally in the ownership of the entire account. Furthermore, it is distinct from accounts solely controlled by a corporation or those where only one party has total control, as the essence of JTWROS is shared ownership and rights among the individuals involved.