What the Standard Form Covers
When you open or restructure a bank account, the form you sign determines exactly how the account is classified. The law provides a sample form that lays out the key choices in plain terms. You select the ownership type, decide what happens at death, and optionally designate an agent.
A contract of deposit that contains provisions in substantially the following form establishes the type of account provided. The account is governed by the requirements of this section that are applicable to that account of that type.
A.R.S. § 14-6204(A)The form walks through four decisions. First, whether the account is single-party or multi-party. Second, what happens when a party dies: does the balance pass through the estate, transfer to a named beneficiary, or go to the surviving co-owner? Third, whether a pay-on-death beneficiary should be named. Fourth, whether an agent should be designated and whether that agent's authority survives the owner's incapacity.
When the Account Form Does Not Match
Not every financial institution uses the exact sample form. Some banks have their own signature cards with different language. The statute accounts for that. If the form does not match the statutory sample, the account is still governed by whichever account type most closely matches what the depositor intended.
A contract of deposit that does not contain provisions in substantially the form provided in subsection A is governed by the requirements of this article that are applicable to the type of account that most nearly conforms to the depositor's intent.
A.R.S. § 14-6204(B)This matters because the form you signed years ago may not use the exact statutory language, but it still carries legal weight. If a dispute arises about whether an account has survivorship rights or a valid pay-on-death designation, courts look at the depositor's intent as expressed in whatever form was actually signed.