How is the money in the joint account regarded after the death of one account holder? | Lawhive - Solicitors & Lawyers Online
How is the money in the joint account regarded after the death of one account holder?
I am a joint account holder of my mum's bank account and have been for many years. My mum has sadly recently passed away and we are in the initial process of starting probate paperwork. I have informed the bank of mum's death, and they have taken my mum's name off the account (so it is now my sole account and is still fully operational). Her will states that her estate is to be split between her 3 children. How is the money in the joint account regarded - I have heard conflicting information. Is it all mine now? Half mine? Or is all of it to be split between the 3 children? NB I was a full joint account holder (not sure of the proper term), I did not need to get signatures/permission from my Mum to use it, and vice versa. I have my own card etc and had the same rights as Mum on the account.

Anonymous

16th March 2022

1 upvote

Top Answer
NQ as it is your mum's money you should include it as an asset and split it equally between the 3 children. But it's likely you will need to use it to pay funeral expenses etc in the short term until the probate is granted and the rest of the estate settled. The other beneficiaries could sue if you don't include it.

Jeanne Metts

16th March 2022

NQ this is based on it being your mum's account. If you have also been operating your banking out of the same account you are going to need to settle up what is yours and what is hers and then pay hers to the estate

Jeanne Metts

16th March 2022

NQ- I was also a joint account holder on my late nans account. A solicitor sorted probate for us however as the money was hers it was her asset. I was only on the account to help my Nan get money out etc. if you have your own money in the account, I’m assuming you are able to show where it has come from and that would not form part of your mums estate.

Lula Damron

16th March 2022

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