Legal Definitions - joint-and-survivorship account

A joint-and-survivorship account is a type of 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-and-survivorship account. If John dies, Jane becomes the sole owner of the account, and John's heirs or devisees have no right to the funds in the account.

Joint-and-survivorship accounts are often used by married couples or business partners to ensure that the surviving party has access to the funds in the account without the need for probate or other legal proceedings.