Answer:
It's more accurate to describe such an account as a "multiple party" or "joint ownership" account. In most cases, the "default" form of joint ownership under the laws of most states is joint ownership with survivorship (sometimes referred to as ownership by joint tenants with rights of survivorship. Each of the joint owners of such an account owns the entire account balance, regardless of how much he or she contributed to the account. On the death of an owner, the ownership of the account under law and contract becomes vested in the surviving owner(s).
By agreement, an account might be established as jointly owned by tenants in common. That designation generally means that each owner has a percentage interest in the account, although either may withdraw from and add to the account. The default allocation of ownership is usually "equal percentages," although unequal percentages of ownership may be permitted by some states. When one of the owners of such an account dies, his or her portion of the account balance as of the date of death will be owned by his/her estate.
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