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LSDefine

Simple English definitions for legal terms

Multiple Party Account

Read a random definition: decretal interdict

A quick definition of Multiple Party Account:

A multiple party account is a type of bank account that is owned by more than one person. It's like sharing a piggy bank with your friends or family. When one person passes away, the money in the account automatically goes to the other owner(s) without needing a will.

A more thorough explanation:

A multiple party account is a type of account that is held in a financial institution, such as a bank or brokerage firm, and is registered in the names of more than one person. This type of account is also known as a joint account.

Multiple party accounts are often used as a way to transfer assets to a beneficiary without the need for a will. When one of the account holders passes away, the remaining account holder(s) automatically inherit the assets in the account.

  • A married couple opens a joint bank account to pay for household expenses.
  • Two business partners open a joint brokerage account to invest in stocks and bonds.
  • A parent and child open a joint savings account to save for the child's college education.

These examples illustrate how multiple party accounts can be used for different purposes, such as managing finances, investing, and saving for the future. They also show how the assets in the account are automatically transferred to the surviving account holder(s) when one of the account holders passes away.

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Trismegistus
12:56
damn went from HLS II last cycle to this
atwatodbit
12:56
@sadpadresfan: FWIW your stats are far better than mine
GreyCeaselessMammoth
12:56
need penn to drop ed 2 so all the people bound by that withdraw from schools that i want to go to
lilypadfrog
12:57
我没有决定
atwatodbit
12:57
加油,等一會人一定會開始收好新聞
12:57
@atwatodbit: haha I feel like this cycle its not rlly all ab stats tho
atwatodbit
12:59
@sadpadresfan: for sure, but you're certainly as strong as me though. Hold on whether its later today or weeks from now. Plus you got da berk A, I am jealous
lilypadfrog
12:59
每个人都说“你的考试成绩这么好,你会得到很好的决定”,但我没有!
texaslawhopefully
12:59
oof I think I'm going to miss the penn wave
texaslawhopefully
12:59
are they still calling
Trismegistus
12:59
hey tex me too lmfao
choosingpeace
12:59
@texaslawhopefully: me too yayyy
lilypadfrog
12:59
we did it reddit
13:00
@atwatodbit: haha ty wishing you the best as well
cumsock
13:00
careful! i graduated from reddit university
13:00
@texaslawhopefully: another day another missed wave??
lilypadfrog
13:01
what if I started using redditisms
lilypadfrog
13:01
thank you kind stranger for the gold
Trismegistus
13:01
do all my hopes and dreams and sanity rest on chicago now
texaslawhopefully
13:01
@sadpadresfan: prolly. My only hope is my last name is towards the end of the alphabet
lilypadfrog
13:01
i hope u guys would put me down like a dog that bit a baby
Trismegistus
13:02
@texaslawhopefully: i saw 3/4 down alphabet then 30- mins later 1/2 down alphabet
texaslawhopefully
13:02
so they're still calling?
Trismegistus
13:03
that i dont know
KeenHeartbreakingRattlesnake
13:03
the Penn e wave is about to cook me
atwatodbit
13:03
@sadpadresfan: did you get your Cornell scholly with your A at the same time? I think they gave me nothing...
lilypadfrog
13:04
tex also got cornell scholly ask him
texaslawhopefully
13:04
there's a form you fill out
texaslawhopefully
13:04
and they'll get back to you within a few days
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