Joint account with rights of survivorship Sample Clauses
A joint account with rights of survivorship is a financial arrangement where two or more individuals share ownership of an account, and upon the death of one account holder, the surviving owner(s) automatically inherit the deceased's share. This type of account typically applies to bank or investment accounts held by spouses, family members, or business partners, and does not require probate to transfer ownership after a death. The core practical function of this clause is to ensure a seamless and immediate transfer of account assets to the surviving owner(s), thereby avoiding legal delays and simplifying estate management.
Joint account with rights of survivorship. If a joint account has rights of survivorship, and one joint owner dies, the Bank may treat the account as the sole property of the survivor after the death of any owner of the account. The Bank may also require the survivor to provide legal documents before releasing the balance on deposit. The estate of the deceased owner will have no rights to the account. If there is more than one surviving joint owner, the account will continue as a joint account with rights of survivorship among the remaining owners.
Joint account with rights of survivorship. If the account has more than one owner, this agreement establishes a Joint Account With Rights of Survivorship. If you and the other account owners wish to establish a Tenancy in Common instead, each of you must execute a Joint Account Agreement As Tenants in Common in addition to this Client Agreement. Note: Texas residents must execute a Texas Joint Account Supplement agreement (form 3882).
Joint account with rights of survivorship. If your Account is a joint Account with rights of survivorship, the following terms apply:
1) Unless otherwise provided by the Agreement or applicable state law, upon the death of a Joint Owner, that Joint Owner's ownership interest in the Account will immediately pass to the other Joint Owner(s) and the estate of the deceased Joint Owner will have no rights to the Account. If the Account has more than one surviving Joint Owner following the death of a Joint Owner, the Account will continue as a joint Account with rights of survivorship among the remaining Joint Owners.
2) The legal ownership interests of surviving Joint Owners may vary by state law. However, this will not affect the authorization of each surviving Joint Owner to withdraw funds in the Account at any time, and in no event we will have responsibility for determining respective ownership interests of the surviving Joint Owner(s).
3) Applicable state law may impose requirements that must be met to create a joint Account with rights of survivorship. You are solely responsible for meeting these requirements.