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Multiple party account
Anton Vasilescu edited this page May 9, 2023
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A multiple party account is an account held in any sort of financial intermediary, such as a bank, thrift, or brokerage firm. The account is registered in the names of more than one person. Multiple party accounts are considered a type of will substitute because they are functionally equivalent to a will, but the assets are transferred to the beneficiary within the donee’s lifetime.