How Survivorship Works on Multiple-Party Accounts
Joint bank accounts are one of the most common ways families hold money together. When one account holder dies, Arizona law determines who receives the funds based on the type of account and the relationships involved.
If a surviving spouse is one of the remaining parties, the deceased person's beneficial share passes to that spouse. If no surviving spouse is on the account, the deceased party's share is divided equally among the surviving parties.
On the death of a party, sums on deposit in a multiple party account belong to the surviving party or parties. If two or more parties survive and one is the surviving spouse of the decedent, the amount to which the decedent, immediately before death, was beneficially entitled under section 14-6211 belongs to the surviving spouse.
A.R.S. § 14-6212(A)Pay-on-Death Accounts and Accounts Without Survivorship
A pay-on-death (POD) designation adds another layer. While multiple parties are alive, the survivorship rules above apply. But when the last surviving party dies, the funds pass to the named POD beneficiaries in equal shares. If no beneficiary survives, the funds become part of the last party's estate.
Accounts specifically designated without survivorship, including those titled as tenancy in common, follow a different path. The deceased person's share transfers through their estate, not to the surviving account holders. A POD designation on an account without survivorship has no effect.
Sums on deposit in a single party account without a pay on death designation or in a multiple party account that, by the terms of the account, is without right of survivorship, are not affected by the death of a party.
A.R.S. § 14-6212(C)Understanding how your accounts are titled matters. The account type, not your will, controls where the money goes when a party dies.
