If the owners are joint tenants, they would need to complete separate deeds, while naming the same beneficiary in each (if allowed by state law).
This is because joint tenancies involve “right of survivorship,” which is a term that refers to the property automatically transferring to the other owner should one owner die. Right of survivorship overrides a TOD deed, rendering the TOD deed useless unless the other owner were to die first.
If the owners are tenants in common (TIC), either owner is free to do anything with their portion of the ownership in the property. If the property was owned by three people (for example) and one of the owners dies, their ownership portion would transfer to the named beneficiary, leaving the other owners unaffected.