Joint checking accounts allow both parties named on the account to access funds at any time. A "joint with rights of survivorship" gives the surviving joint account owner access to all funds. A "joint with tenants in common" account separates ownership based on percentages put into the account. Joint account owners can designate beneficiaries to take over assets as a "payable on death" listing. For accounts with a rights of survivorship, both parties must die for beneficiaries to inherit the funds. Tenants in common account allow beneficiaries to take the percentage of the account owned by the deceased.
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1.
Go to the bank where you opened your account with the joint account holder.
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2.
Ask for a "payable on death" form for your account.
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3.
Complete the form with your name, bank account number the title of the account. Provide the beneficiary designation information, including the beneficiary's name, address and Social Security number. If you have more than one beneficiary, provide the information for all.
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4.
Sign and submit the form to the bank representative.
