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Joint account is a bank account shared by two or more individuals. Any individual who is a member of the joint account can withdraw and deposit cash from it. Usually, joint accounts are shared between close relatives or business partners.^[1]

Joint accounts are often created in order to avoid Probate.^[2] If two individuals open a joint account and one of them dies, the other person is entitled to the remaining balance and liable for the debt of that account.^[1]

References

^ ^a ^b Pollick, Michael. "What is a Joint Account?". conjecture corporation. Retrieved 2009-01-23.
^ Clifford, Denis. Plan Your Estate (9 ed.). ISBN 1413307612, 9781413307610. {{cite book}}: Check |isbn= value: invalid character (help)

[wisegeek-1] Pollick, Michael. "What is a Joint Account?". conjecture corporation. Retrieved 2009-01-23.

[2] Clifford, Denis. Plan Your Estate (9 ed.). ISBN 1413307612, 9781413307610. {{cite book}}: Check |isbn= value: invalid character (help)

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