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How does the idea of a joint account & survivorship work?


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Written on: 15.11.2009 [21:13]
Jeanne
Jeanne
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Posts: 3
What happens in the event of death and a joint account / survivorship rules? Does the money automatically pass to me if my husband dies?
Written on: 21.11.2009 [22:32]
Button
Button
Posts: 3
As far as I understand, if you have a joint account with your partner and they die, you become the sole owner of that joint account. Of course, you will have to notify the bank and show them proof of death etc. The only problems are debts and taxes. I think that if your partner has run up debts on the account, these are now your problem. You are considered to have joint responsibility and thus joint accountability. In terms of taxes, I'm not sure what the rules are with the money in a joint account and how / if this is considered as part of the estate of the deceased? You'd have to contact HMRC.

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