Advice needed on Joint Accounts

pianomia

Hi
My Mum and I have a joint Halifax account for savings. She doesn't have a Will and doesn't want to make one as these savings are all she has (no property etc) and she assumes that, when she dies, the money in the joint account will automatically come to me. I don't know that this is so, can someone advise? I have two brothers. Would they have a claim on this joint account too although it's only in the name of me and my mother? Thank you.

CLAPTON

a normal joint account is owned my both people so yes if one person dies the other person automatically owns the full amount

your brothers could in theory make a claim if they were financially depends upon your mother (say they were under 18year)

Andystriker

All the monies in a joint account pass to the survivor when one of the parties dies.

So your Mother would not have to make a will for the savings to become yours (and only yours) if you and your Mum are the only named account holders.

Even if she made a will leaving all her estate to someone other than you, all monies in your joint account would still be yours if she died.

This works the other way around as well. If you die first the monies then belong to your Mother, no matter what your will says.

greyteam1959

Im not an expert & I am sure that they will be along......
But..
If your mother has no will she will die intestate ( ie no will )
Your 2 brothers would definately have a claim on her estate.
Best advice would be to ask a friend for a recommendation for a solicitor, ring them & ask them how much they would charge for a simple will.
Its always best to have a will to avoid all sorts of unpleasantness.

greyteam1959

Andystriker......
I think you might be wrong here.......
Any money left in joint accounts or otherwise would form part of the estate of the deceased.
Would it not ??

CLAPTON

mervyn11 wrote: »

Andystriker......
I think you might be wrong here.......
Any money left in joint accounts or otherwise would form part of the estate of the deceased.
Would it not ??

no they do not form part of the estate except for IHT purposes but here we are assured that the mother's estate will be less than 325,000

greyteam1959

I stand corrected.

McKneff

Does your mother not want her other children to have anything that she leaves moneywise?

pianomia

No, she doesn't. Unfortunately, she's had no contact with my brothers for over 20 years (their choice, not hers).

pianomia

Thanks everyone for your helpful advice. Much appreciated.