Also known as: multiple party account · multiple-party account · multiple-party accounts · joint accounts · multi-party accounts
Written by attorneys · grounded in primary & secondary sources — see 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.
Select any source to read its text and confirm it supports the definition.
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.
Supporting sources
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.
Supporting sources
No. An agent holds no beneficial interest in the deposits. A POD beneficiary likewise acquires rights only upon the death of all parties.
Supporting sources
…the decedent’s death, however, Rich withdrew the entire balance of the funds remaining in those accounts. In addition to those joint accounts with Rich, the decedent had also opened three other joint bank accounts with Rich—on January 28, 1991, February 24, 1992, and April 6, 1992, which were all entirely funded with her own…