These individuals must be natural persons, and cannot be described by title (such as “treasurer” or “director”) and any change of signatories must be promptly advised to the financial institution.
Many husbands and wives open joint bank accounts as a cheap and easy way to avoid probate, and parent-child joint bank account holders may do the same.
In some jurisdictions, passing funds in such situations may still be subject to gift duties and/or inheritance taxes.
The distinction between survivorship and convenience accounts matters at the death of one of the owners.
Joint survivorship accounts are often created in order to avoid probate.
This special type of tenancy by the entireties account will typically offer the account holders protection from creditors under applicable state law.