Bank Accounts

Nellybee

Hello
Going through a beravement at the moment with my Father dying .What i really want to know he as a few joint accounts with his wife my mother but also some in his name only and a few shares in his name. How do you go about sorting these issues with the banks.Also my mother at some time wants the house signed over to me as i am the only son left again what would be the recommended way to do this .I have plenty of info in booklets but people with experience of these situations know the best ways ...thanks

building_with_lego

I'm sorry for your loss Nellybee.

The joint accounts are owned by both parties so the money in those belongs to your mother and are not part of your father's estate. The accounts in his name and his shares do form part of the estate.

I can't help with the signing over of your mother's house but there are many knowledgeable people on here who will be able to point you in the right direction.

Did your father leave a will?

McKneff

Building with Lego is correct about any joint accounts, personal accounts and shares.

Your mother needs legal advice, unfortunately she cant just sign the house over to you. It really isn't as simple as that and it depends on her circumstances so she really needs to see a solicitor.

I;m sorry you lost your dad.

Did he actually leave a will.

troubleinparadise

Sorry to hear about the loss of your father.

Your mother could bequeath her house to you in her will - that is a very simple way to leave you her house.

Should she sign her house over to you whilst still living in it that might put her in a vulnerable situation, and really doesn't achieve anything more than she would if she left it to you in her will.

She should take independent legal advice on this matter.

John_Pierpoint

In the beginning there was the law and then along came the tax.
The tax tail now wags the legal dog.
We cannot really offer advice without understanding the values involved in the house and the savings accounts.
Did dad own 100% of the house or only 50% ?
Do you currently live in the family home with your mother?

There is a period of 2 years following the death in which the family can restructure the outcome of a will or an intestacy if those involved agree.

getmore4less

As there are shares it is highly likely that you will need probate/letters of administration.

There are two forms that kick off the process,

PA1, IHT205 depending on details this may lead to other forms.

http://www.hmrc.gov.uk/inheritancetax/iht-probate-forms/

a good google search is what to do when someone dies

it brings up a few good sites with useful info.

NAR

building_with_lego wrote: »

So sorry for your loss Nellybee.

The joint accounts are owned by both parties so the money in those belongs to your mother and are not part of your father's estate.

This is correct, but Nellybee your mother will need to go to the bank with a copy of the death certificate, to get the accounts changed into her sole name.