Definition and Purpose

• A “Latter or Survivor” joint account allows only the second (latter) named holder to operate the account while both holders are alive.
• The survivor gains operational rights after the latter holder’s death.
• It is chosen for specific succession or control requirements.
• Ensures the latter holder has sole operational authority during their lifetime.
• Commonly used where succession planning is the priority.

Operation of the Account

• Only the latter account holder can sign cheques and authorize transactions.
• The former holder has no operational rights while the latter is alive.
• Deposits can be made by any holder, but withdrawals require the latter holder’s authorization.
• Access for the survivor is granted after the latter holder’s death.
• The bank recognizes the latter holder as the primary operator.

Survivorship Rights

• Upon the death of the latter holder, the survivor can access and operate the account.
• The survivorship clause ensures smooth transfer of funds.
• Survivorship rights are activated after submission of the death certificate.
• No probate is required for the survivor to take control.
• Bank updates account details as per succession formalities.

Documentation and Account Setup

• Account opening form must specify “Latter or Survivor” mode.
• Complete KYC documentation for both holders is required.
• Clear instructions are filed with the bank for operational rights.
• The bank may request specific forms or declarations.
• Death certificate submission is needed for succession.

Key Considerations

• Gives full operational control to the latter holder during their lifetime.
• Facilitates planned succession of funds after the latter holder’s death.
• Reduces risk of operational disputes between account holders.
• Suitable for unique family or business arrangements.
• All account holders must consent to this arrangement at opening.