Joint Savings Account

Hitting

My wife and I have a joint BS account;what is the position if one dies and the other is trustee in others will; and the survivor is able to withdraw from the account on production of death certificate,can the survivor withdraw in his/her own right and does the account become a sole owner account and/or does the survivor withdraw funds as trustee.If the idea of other being a trustee was to allow spouse to automatically inherit other assets, when does HMRC have to be informed?, and is there any other conditions to abide by?

xylophone

You should look at the terms and conditions of the particular account - in general, the money in the account passes by survivorship, not by will.

https://www.gov.uk/wills-probate-inheritance/joint-property-and-bank-accounts

However, see http://www.hmrc.gov.uk/inheritancetax/how-to-value-estate/joint-property.htm re IHT position.

Hitting

xylophone wrote: »

You should look at the terms and conditions of the particular account - in general, the money in the account passes by survivorship, not by will.

https://www.gov.uk/wills-probate-inheritance/joint-property-and-bank-accounts

However, see http://www.hmrc.gov.uk/inheritancetax/how-to-value-estate/joint-property.htm re IHT position.

Yes,but I presume half of the balance is part of deceased estate and maybe subject to conditions of Will, or HMRC or both!