MoneyU Glossary of Terms

MoneyU Glossary of Terms

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Joint Account

A bank, credit union, or brokerage account owned by more than one individual. Either party may transact business. Accounts can be with or without survivorship rights. State laws vary on rights of survivorship for this kind of account. Some states may or may not automatically apply survivorship rights to joint owners; some states look to the wording of the contract when the account was opened.

Joint Representation

When one attorney represents more than one person at the same time. An example is in the preparation of estate plans for spouses. This arrangement causes difficulty if the spouses have differing legal interests or do not wish to disclose information to one another. For example, one spouse may not wish to disclose to the other information about children born of a prior relationship. Joint representation may be possible if there is full disclosure and understanding of possible conflicts and each spouse consents to the representation. Also called concurrent representation.

Joint Tenancy With The Right Of Survivorship

Ownership by more than one person so that when one owner dies, his or her ownership share is divided equally among surviving joint tenants. Note that owning property as joint tenants without specifying "with the right of survivorship" is treated as tenancy in common in some jurisdictions. Compare to tenancy in common and tenancy by the entireties.

Joint Will

One document for two people (often husband and wife). Problems can arise with this arrangement because the will may be introduced as evidence of a contract to agree, thereby hampering any efforts of one spouse to revoke the joint will to have a separate will written.