Which account type involves multiple owners having proportional control over the account?

The correct answer refers to an account type known as tenants in common, where multiple owners share ownership of the account but retain distinct shares that may not be equal. This structure allows each owner to have a specified percentage of the total ownership, giving them proportional control over the account. For instance, if there are three owners with shares of 50%, 30%, and 20%, each person exercises control in proportion to their ownership stake.

In a tenants in common arrangement, owners can also pass their share to heirs or sell it independently, contributing to the account's flexibility regarding ownership transfer and estate planning. This contrasts with joint accounts, where the owners typically have equal rights and control over the entire account, meaning those involved do not have defined proportions of control.

A life account, often tied to insurance policies or specific contractual obligations, usually does not reflect the same ownership structure as tenants in common. Additionally, a family trust account represents a different concept altogether, involving a trustee managing assets for the benefit of beneficiaries rather than multiple owners exercising direct proportional control over the account.

Therefore, the tenants in common structure is specific in its provisions for ownership proportions and rights, distinguishing it from the other options presented.