Legal Definitions - joint account

A joint account is a bank or brokerage account that is opened by two or more people. Each party has the right to withdraw all funds in the account, and upon the death of one party, the survivors become the owners of the account, with no right of the deceased party's heirs or devisees to share in it. Typically, the account-holders are designated as “joint tenants with right of survivorship” or “joint-and-survivor account-holders.”

For example, John and Jane open a joint account at a bank. They both have equal rights to withdraw money from the account. If John dies, Jane becomes the sole owner of the account, and John's heirs or devisees have no right to share in it.

Joint accounts are often used by married couples or business partners to manage their finances together. It is important to note that joint accounts can have legal and tax implications, so it is important to consult with a financial advisor or attorney before opening one.