Bank Accounts

Question 1

What is the most important factor of joint bank accounts?

Answer 1

The intent of the grantor

Question 2

3 types of joint bank accounts

Answer 2

1) Joint Accounts
2) Payable upon death
3) Convenience accounts

Question 3

Define: Joint bank accounts

Answer 3

Joint tenants are entitled to half the deposited sum and have a right of survivorship to the whole sum.
“A & B” or “A or B”

Question 4

Define: Payable upon Death account

Answer 4

Account only gives the joint tenant survivorship rights. They have no right to any sum before death.
“A,, payable upon death to B”

Question 5

Define: Convenience Accounts

Answer 5

Joint tenant holder only has the power to use the sum in the account to benefit the grantor, usually and elderly person for bills or food.
“A in trust for B”