Also known as: multiple party account · multiple-party account · multiple-party accounts · joint accounts · multi-party accounts
Written by attorneys — see sources below.
An account payable on request to one or more of two or more parties, whether or not a right of survivorship is mentioned. On the death of a party, sums on deposit belong to the surviving party or parties, with special allocation rules when a surviving spouse is involved.
Mustafa Mahmoud and Melanie Morris opened a joint savings account funded by both. After Mustafa died, Melanie claimed the full balance as the sole survivor. The account terms established her right to the entire deposit without probate involvement.
Meredith Maxwell added her adult child Mariam Mansour to an existing checking account at the local credit union. Both now hold present rights to withdraw funds on request. The arrangement meets the criteria for a multiple-party account even without an express survivorship clause.
Sums on deposit belong to the surviving party or parties. When multiple survivors exist and none is the decedent's spouse, the decedent's beneficial share passes to the survivors in equal parts that augment their prior interests.
Supporting sources
No. The definition covers any account payable on request to two or more parties regardless of whether survivorship language appears. Survivorship operates by statute unless the account terms expressly eliminate it.
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The decedent's beneficial share transfers as part of the estate rather than passing directly to survivors. A POD designation on such an account is ineffective.
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No. An agent holds no beneficial interest in the deposits. A POD beneficiary likewise acquires rights only upon the death of all parties.
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…According to Delfino, she was fully aware of and, in fact, approved of the decedent’s withdrawal of those funds for deposit into joint accounts maintained with the decedent's long-time friend, Rich. : That was in itself not unusual since only one Social Security number is usually required for account reporting of taxable…