Joint bank account with mum?

dandy-candy

OP - I can only tell you what we had to do from my experience which appears to be the same as yours is/will be.
When the time comes you will need to fill in the standard form IHT400, and the form IHT404 for the jointly held account. There are other forms for other things that might be relevant to the estate.

Don't just take peoples advice/misadvice from an online forum - there are really serious and severe penalties if you submit inaccurate forms. Joint accounts between husband and wife have not tax due because you don'y pay IHT between spouse - you do pay it from parent to child.

We filled the forms in ourselves which was long and complicated but you can ring the hotline and ask loadss of questions/advice and they are very helpful. I know what we did was right because it has been checked, we paid what was due, and the matter is closed as far as the Tax office is concerned - and yes they will tell you if you mistakenly overpay!

If I was in the situation again I would 100% use a solicitor even tho it can cost quite a bit, the sorting out the estate was very stressful!

della11

Thanks everyone for all your answers. With my situation there will definately not be an issue with IHT. My sister is unable to be involved with any type of joint account as it will affect her Working Tax Credit. We are completely open about all our finacial affairs so trust really is not an issue. As for mums house half of it would come to my sister and I unless of course it has to be sold should she need a nursing home in the future. The other half is held in a property trust for two of her late partners relatives. We are going to do the Lasting Power of Attorney for sure, Forms already printed off and filled in just, need to get some stamps. As for the joint current account, still undecided.

della11

Well thanks again to everyone. The decision is LPA which is all filled in and ready to go and we have also decided to make the current account a joint one.