What is a key feature that characterizes joint accounts?

The characteristic that best defines joint accounts is equal ownership by all parties involved. In a joint account, all account holders share ownership of the funds in the account equally or as specified in the account agreement. This means that any deposits, withdrawals, and investment decisions typically require the consent of all account holders, signifying equal rights to the assets within the account.

Automatic income distribution does not specifically pertain to joint accounts since income generated from the investments can vary in how it is distributed based on the arrangement of the account holders or the nature of the investments themselves. Similarly, while investment decisions might be made collectively, the structure of a joint account emphasizes equal ownership rather than one party having unilateral decision-making authority. Pro-rata sharing could apply to certain circumstances but is not universally applicable to the concept of joint accounts, which primarily focus on equality among the account holders.