Examples of multiple party accounts are joint bank accounts, joint checking accounts registered to A and B together or with a right of survivorship, and a joint tenancy.
Multiple Party Account
A multiple party account is an account held in any sort of financial intermediary, such as a bank, thrift, or brokerage firm. The account is registered in the names of more than one person. Multiple party accounts are considered a type of will substitute because they are functionally equivalent to a will, but the assets are transferred to the beneficiary within the donee’s lifetime.
