Introduction
If you’re looking for a way to manage your finances with a partner or family member, a joint WROS (With Right Of Survivorship) account may be the perfect solution. Fidelity, one of the leading investment firms in the world, offers a joint WROS account that allows you to combine your assets with a loved one while still maintaining individual control over your finances. In this article, we’ll take a closer look at what a joint WROS account is, how it works, and the benefits of opening one with Fidelity.
What is a Joint WROS Account?
A joint WROS account is a type of bank account that allows two or more people to share ownership of the account. With a joint WROS account, each account holder has equal rights to the account, and if one account holder passes away, the surviving account holder(s) automatically inherit the account’s assets. This type of account is often used by couples, family members, or business partners who want to share control over their finances.
How Does a Fidelity Joint WROS Account Work?
Fidelity’s joint WROS account works similarly to other joint accounts. When you open a joint WROS account with Fidelity, you and your partner will each have your own individual account numbers and login credentials. You can then link your accounts together to share access to your assets. This allows you to manage your finances jointly while still maintaining individual control over your investments.
The Benefits of Opening a Fidelity Joint WROS Account
There are several benefits to opening a joint WROS account with Fidelity, including:
1. Simplified Management
With a joint WROS account, you and your partner can manage your finances together, which can simplify your financial management. You can view your account balances, track your investments, and make transactions all in one place.
2. Equal Ownership
With a joint WROS account, each account holder has equal ownership and control over the account. This means that each person can contribute funds, make withdrawals, and manage investments without the need for the other person’s approval.
3. Automatic Inheritance
One of the biggest benefits of a joint WROS account is that if one account holder passes away, the surviving account holder(s) automatically inherit the account’s assets. This can help simplify estate planning and ensure that your loved ones are provided for in the event of your passing.
4. Low Fees
Fidelity’s joint WROS account has low fees, making it an affordable option for managing your finances with a partner or family member.
How to Open a Fidelity Joint WROS Account
To open a joint WROS account with Fidelity, you’ll need to follow these steps:
1. Gather Your Information
Before you begin the application process, you’ll need to gather your personal information, including your name, address, social security number, and employment information. You’ll also need to provide similar information for your partner.
2. Complete the Application
Once you have your information, you can complete the joint WROS account application online. You’ll need to provide your personal information, your partner’s information, and information about the account you want to open.
3. Fund Your Account
After you’ve completed the application, you’ll need to fund your account. You can do this by transferring funds from an existing Fidelity account or by linking your account to an external bank account.
Conclusion
A joint WROS account can be a great way to manage your finances with a loved one. With Fidelity’s joint WROS account, you can enjoy simplified management, equal ownership, automatic inheritance, and low fees. If you’re interested in opening a joint WROS account with Fidelity, follow the steps outlined above to get started.