Joint account
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.
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