Accounts This Article Does Not Cover
Multi-party account rules help account holders pass funds to survivors or beneficiaries. These rules skip the probate process. But they have limits.
Some accounts fall outside these rules. They serve a different purpose or follow other legal frameworks.
This article does not apply to: 1. An account established for any partnership, joint venture or other organization for a business purpose. 2. An account controlled by one or more persons as an agent or trustee for a corporation, unincorporated association or charitable or civic organization. 3. A fiduciary or trust account in which the relationship is established other than by the terms of the account.
A.R.S. § 14-6202Why the Exclusions Matter
The first exclusion covers business accounts. For example, a checking account for a partnership or LLC is not a personal multi-party account. This means business accounts follow business law, not survivorship rules.
The second exclusion applies when someone manages money for an organization. A treasurer may control a bank account for a nonprofit or civic group. That account does not belong to the treasurer as a person.
The third exclusion covers fiduciary or trust accounts. The fiduciary relationship comes from outside the account agreement. For example, a court may appoint a conservator. That authority comes from the court order, not the bank's signature card.
Knowing which accounts fall under these rules matters for estate settlement. Qualifying accounts can pass outside probate, saving time and expense. Accounts that do not qualify may need probate or other procedures.
Personal bank accounts, joint accounts, and pay-on-death setups all follow this article. Knowing which accounts qualify and which do not helps avoid confusion. It also helps families plan ahead when titling new accounts.