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joint account
–noun
| a bank account in the names of two or more persons or parties and subject to withdrawals by each. |
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2009.
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Based on the Random House Dictionary, © Random House, Inc. 2009.
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Link To joint account
Joint Account
A brokerage or bank account that is owned together (jointly) by two or more people.
Investopedia Commentary
A joint account agreement is typically needed to open such an account. This agreement will detail whether transactions require the signatures of all parties or whether one party can take actions on his/her own.
See also: Bank, Joint, Joint Owned Property, Joint Return, Joint Stock Company, Joint Venture, Jointly and Severally, Retail Banking
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joint account
- A brokerage account in which two or more individuals hold joint interests. Joint accounts may be established in a number of different forms that produce very different results. Compare individual account. See also partnership account.
Is a joint account preferable for investing couples? Joint ownership occurs when more than one person has rights and privileges to an account. It is practical to invest jointly in many situations, as access or availability of the assets occurs almost immediately upon death of either of the parties. By law, ownership passes directly to the surviving joint owner, even if a will states otherwise. However, for larger estates (over $1 million), other forms of ownership may be preferred. Proper estate planning to lower estate taxes or to transfer assets to trusts rather than to an individual would call for assets to be moved out of joint ownership.Jeffrey S. Levine, CPA, MST, Alkon & Levine, PC, Newton, MA |
Wall Street Words: An A to Z Guide to Investment Terms by David L. Scott.
Copyright © 2003. Published by Houghton Mifflin.
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Copyright © 2003. Published by Houghton Mifflin.
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