Surviving Parties Can Access Funds Right Away
When a joint owner on a bank account dies, the surviving account holders do not have to wait for a court order. The law permits a financial institution to pay any surviving party on request. This applies whether the deceased person was incapacitated or already passed away when the request is made.
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 each surviving joint account holder immediate access during a difficult time. There is no waiting period. No probate filing is needed. No court approval is required. The bank simply needs a request from a listed party.
What Happens When All Parties Have Died
When the last account owner on the account has passed away, accessing the funds requires a different process. The personal representative of the deceased person's estate may request payment. If no personal representative has been appointed, the heirs can access the funds. They do this by presenting an affidavit under A.R.S. 14-3971 along with a death certificate.
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, the process stays straightforward. Planning ahead with proper account titling and beneficiary designations helps your family avoid delays.
When the sole owner of an account passes away, the bank account passes to the named beneficiaries or through the estate. Having a death certificate ready speeds up the process. For joint account holders, understanding these rules in advance means less confusion and quicker access to needed funds.