what does it mean if i have a joint account w/family with survivorship?

Question

elderly relative i am POA how does this work?

Answer 1

It means you and everyone else on the account owns it. Whenever one owner of the account passes away, their share of it goes to the other owners of the account, not their estate. I've also heard it called the poor man's will, since an elderly person can put someone else's name on the account to make sure they receive an inheritance.

Answer 2

If it is talking about an insurance poilcy, then it means that there are more than one person listed as owner on the account, and more than likley, depending on the type if joint poilcy it is, it depends on one person dying or both people dying before the benefit is paid