Surviving Parties Can Access Funds Immediately
When a party on a joint bank account dies, the surviving account holders do not have to wait for a court order to access the funds. Arizona law permits a financial institution to pay any surviving party upon request, regardless of whether another party has died or become incapacitated.
A financial institution, on request, may pay sums on deposit on a multiple party account to one or more of the parties, whether or not another party is a party with disabilities, incapacitated or deceased when payment is requested and whether or not the party making the request survives another party.
A.R.S. § 14-6222(1)This provision gives surviving account holders immediate liquidity during a difficult time. There is no waiting period, no probate filing, and no court approval required. The bank simply needs a request from a listed party.
What Happens When All Parties Have Died
When the last surviving party on the account has passed away, accessing the funds requires a different process. The personal representative of the deceased party's estate may request payment. If no personal representative has been appointed, the heirs or devisees can access the funds by presenting an affidavit under A.R.S. 14-3971 along with proof of death.
The personal representative, or, if there is none, the heirs or devisees of a deceased party who present an affidavit in compliance with section 14-3971, subsection B and proof of death to the financial institution showing that the deceased party was the survivor of all other persons named on the account either as a party or beneficiary, unless the account is without right of survivorship under section 14-6212.
A.R.S. § 14-6222(2)This means even when there are no surviving parties, families may still avoid full probate if the estate qualifies for a small estate affidavit. Planning ahead with proper account titling and beneficiary designations can keep this process straightforward for your family.
