Q: Does the surviving spouse need to change tenants in common account to individual?
I know the deceased spouse's share of a TIC account gets distributed to their estate/beneficiaries. Does the surviving spouse need to change the titling of the TIC account to reflect that it's an individual account, or does it keep the TIC designation/title?
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A:
When a spouse passes away and you hold a tenancy in common (TIC) account together, the deceased’s share typically transfers to their estate or designated beneficiaries. This means you may need to take action to reflect the change in ownership structure.
You don’t automatically retain the TIC designation. To make the account solely yours, you should contact the financial institution holding the account. They can guide you through the process of updating the account title to your name alone.
Updating the titling ensures that you have full control over the account moving forward. It also helps prevent any future complications related to ownership and management of the funds. Taking these steps promptly can provide clarity and security during a difficult time.
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