If an account is titled "Mr. and/or Mrs....", is this protection from the funds being designated to either's estate/probate?
Speaking in very general terms, if an account is held by two or more individuals with rights of survivorship, the account becomes the property of the surviving co-owner(s) when one of the co-owners dies. No probate or estate involvement would be required in such cases (although the deceased owner's estate might have to account for the value of the decedent's portion of the account when settling the estate).
In some states, it is possible to establish an account with a designation making the account payable on the owners' deaths to a designated beneficiary. In other states, the same effect can be obtained by establishing a "Totten trust" deposit account and designating a beneficiary. In such cases, transfer of ownership to the beneficiary happens upon the death of the owner or owners, without running through the decedents' estates or involving probate.
Relative to the details about how the law works in your state, you will have to contact a financial institution to ask how their accounts operate. If large sums are involved, contact an attorney versed in the law of your state to assist you in making the optimal decisions on how to set up your accounts.
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Speaking in very general terms, if an account is held by two or more individuals with rights of survivorship, the account becomes the property of the surviving co-owner(s) when one of the co-owners dies. No probate or estate involvement would be required in such cases (although the deceased owner's estate might have to account for the value of the decedent's portion of the account when settling the estate).