A joint account is a type of bank or investment account that is owned by two or more individuals.
Each account holder has equal rights to access the funds in the account, regardless of who originally deposited the money.
Joint accounts are commonly used by married couples, family members, business partners, and others who want to share financial resources.
In the event of one account holder's death, the remaining account holder(s) will likely have full access to the account and its funds.
When Settling an Estate, during Probate, joint accounts are able to transfer Assets to surviving account holder(s) without the need for probate.
However, there are some circumstances where a joint account may be subject to probate.
For example, if there are questions about the validity of the joint account agreement or if there are disputes among the account holders, Heirs, or other Beneficiaries, the joint account may need to be reviewed by a Probate Court.