Joint Bank Account Lawyers

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What is a Joint Bank Account?

In general, a joint bank account is a bank account belonging fully and equally to two people.  Each person can legally deposit or withdraw any amount of money from the account without need for the other's consent.  Both names on the bank account "own" the entire account.  Most joint bank accounts have a right of survivorship, meaning that when one party dies, the contents of the account automatically are fully owned by the other party.

What are Some Different Types of Joint Bank Accounts?

People choose to use joint bank accounts for different reasons.  In some situations, there is an understanding between the parties involved that one or both of the parties can only withdraw a certain amount of the money, or can only withdraw money in certain circumstances.

There are several different types of joint bank accounts:

What are Some Dangers of Using a Joint Bank Account?

Do I Need a Lawyer?

Joint ownership of assets can be complicated and have unintended results.  If you are looking to set up a joint bank account, you may want to consult an attorney.  An attorney can help you determine the best way to manage your assets, and can help you to understand how your assets will be dealt with in the event of your death.

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Last Modified: 12-13-2013 11:09 AM PST

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