Deceased bank account

lazza1970

Hi, i'm new to the forum so please excuse me for posting in this section as I can't find any threads regarding this subject.
My partner died recently, we had a joint bank account but the money in the account belonged to her but she did not make a will. She knew she was dying so she told her children that she wanted her money split between her 4 children and myself. I am looking for advice regarding withdrawing the money, do i have to tell the bank that she died before I try to withdraw the money. If i do can they freeze the account or should I withdraw all the money then close the account at a later date. There is about £5000 to withdraw. Any advice would be appreciated.

noh

You should inform them of her death.
As it was a joint account it now becomes an account in your sole name and you are of course able to withdraw the cash.

opinions4u

Sorry about your loss.

1) You should inform the bank and provide the death certificate which they shiould copy and return. They should transfer the account in to your sole name.

2) Funds in a joint account revert to the survivor. They do not form part of an estate.

3) If there's no will, you may need to obtain letters of administration. Although your partner made a verbal request, the person responsible for distributing the assets is legally required to comply with the laws of intestacy.

kidmugsy

When my father-in-law died his money passed to my wife. He had told her that he would like to make some gifts but had not incorporated his desires in his will. She simply made the gifts from what was now her own money, being careful to record everything, and telling the recipients that the money came from her father. Which of course it did, albeit indirectly.

SeniorSam

kidmugsy,

that was a nice way to honour the father-in-laws wishes. However, although the recipients of the gifts were told it was from him, the gifts actually need recording for your wife's record of gifts, which were actually from her estate. If the gifts were above certain amounts, they would be considered as 'Potentially Exempt' gifts from her estate and still ne counted in her estate if she died within 7 years of making the gifts.

Hope this helps

Sam

cing0

The actual order of sequence of operation is:

1. Take all the money out of the account.

2. Close the account or convert it to single name. Whatever choice, you will need one of the many copy certificates purchased when registering the death with the superintendent registrar.

Loughton_Monkey

Yes. In summary, this is a 'simple' case. Whoever takes out the letters of administration is legally bound to distribute the money according to the laws of intestacy. Verbal wishes, however genuine and well intentioned count for nothing.

However, there is no law whatsoever to prevent the person(s) receiving the money lawfully from diverting the proceeds in the way desired. As to the joint account itself, then you claim it was 'her' money. That probably makes sense from your own perspective. But in the eyes of the law, half of it is yours and only the other half should go through the estate.

ariba10

If one of the joint holders of a bank account dies then the other holder is quite entitled to do whatever they wish with it.

Mojisola

As you were not married and she did not make a will, you will not inherit anything from her estate.

Anything in a joint account is now your money so that does not have to accounted for. What you do with it is your decision.

If she left anything else, including personal possessions, they now belong to her children.

CLAPTON

Loughton_Monkey wrote: »

Yes. In summary, this is a 'simple' case. Whoever takes out the letters of administration is legally bound to distribute the money according to the laws of intestacy. Verbal wishes, however genuine and well intentioned count for nothing.

However, there is no law whatsoever to prevent the person(s) receiving the money lawfully from diverting the proceeds in the way desired. As to the joint account itself, then you claim it was 'her' money. That probably makes sense from your own perspective. But in the eyes of the law, half of it is yours and only the other half should go through the estate.

joint accounts like joint tenancies and joint debts and owned/owed jointly and severally and as such are outside probate and become the property of the survivor
HMRC may of course want IHT but that doesn't affect ownership of the funds

McKneff

Hello there, may I just say I am so sorry you have lost your partner.

I have lost many people from my life but not a partner or a child.
I have lost both my parents, FIL and brothers

I cant imagine for the life of me what it would be like to lose a partner, bless you and I hope things go well for you.

Annie