Common use of Joint Accounts With and Without Rights of Survivorship Clause in Contracts

Joint Accounts With and Without Rights of Survivorship. A Joint Account is an account with more than one owner. One of the owners is designated as the Primary Member and any other owners are designated as Joint Account Holder(s). When you set up a Joint Account, you can designate it as either a Joint Account With Right of Survivorship or a Joint Account without right of survivorship. In either case, the Primary Member and Joint Account Holder(s) each own the Account and each have the same authority on the account, except for those things that only the Primary Member can do (see below in subsection 1). Your Joint Account will automatically be set up as a Joint Account With Right of Survivorship, unless you designate otherwise at the time of account setup. This means that, upon the death ofthe Primary Member or Joint Account Holder(s), the deceased person’s interest in the Joint Account becomesthe property of the surviving account owner(s). If the Joint Account is set up as a Joint Account without right of survivorship, then the deceased account owner’s percentage of ownership interest in the Account as specified on account opening documentation (or if not specified in account opening documentation the deceased owner’s percentage of ownership interest will be equal to the other account owner’s or owners’ interest), becomes the property of the Payable on Death (“P.O.D.”) designee(s) or if there is no P.O.D. designated, it becomes the property of the deceased account owner’s estate upon death. You should talk with a trusted adviser, such as your lawyer, to be sure that the Accounts you establish will be treated as you intend them to be. The Primary Member and all Joint Account Holders must approve any addition or change in the designation of beneficiaries for any Joint Account and the addition of any Joint Account Holder. We may require that any changes to the Account be made in a written form acceptable to BECU, which, upon execution, will be controlling.