Final answer:
A joint tenants with rights of survivorship (JTWROS) account is a type of ownership arrangement where when one owner passes away, their share of the account automatically transfers to the surviving owner(s).
Step-by-step explanation:
A joint tenants with rights of survivorship (JTWROS) account is a type of ownership arrangement for multiple individuals who want to hold assets together. It is commonly used in real estate and investment accounts. Under a JTWROS account, when one owner passes away, their share of the account automatically transfers to the surviving owner(s). This means that the surviving owner(s) assume full ownership of the account without the need for probate.