Joint signatory bank account after one signatory dies?

nodiscount

Hi

What happens to a joint signatory account if one signatory dies?

Does the fact this it's now a dormant account complicate matters further?

xylophone

joint signatory account

http://www.boodlehatfield.com/the-firm/articles/joint-accounts-whose-money-is-it/

http://www.turbervilles.co.uk/blog/joint-bank-accounts-post-death-clarity-of-intention-is-key/

xylophone

http://www.businessdictionary.com/definition/joint-account.html

http://www.financial-ombudsman.org.uk/publications/technical_notes/passbooks-and-dormant-accounts.htm

might also be of interest.

System

A joint account becomes the sole property of the survivor.

Kernel_Sanders

Heng_Leng wrote: »

A joint account becomes the sole property of the survivor.

Even if the deceased has a living spouse?

xylophone

Even if the deceased has a living spouse?

If the case is that a person had a normal joint account with a person other than his spouse, then the account would pass to that other person by survivorship.

See links.

nodiscount

Well, here goes (fingers crossed he don't read it)...

2 brothers fell out. Account needs 2 signatures to release funds. Became dormant as brothers could not even face each other to sort it out. One brother asked bank to split in half and share between them. Bank said no. Need both of them to claim the dormant account.
One brother has died. So other brother can now claim all of it?

Kernel_Sanders

nodiscount wrote: »

One brother has died. So other brother can now claim all of it?

Only if he didn't kill his brother to get it!

xylophone

So other brother can now claim all of it?

See links in 2 above.

Normally, the balance in a joint account will pass to the surviving account holder on death by right of survivorship, outside the terms of the deceased's Will. This is because almost all joint accounts will be held as "joint tenants" rather than as "tenants in common". Consequently, there is often no need to wait for probate; the survivor will simply provide the death certificate to the bank and it will transfer the money into the survivor's sole name. The normal mandate on a joint bank account provides for this and enables either of the named parties to withdraw the whole amount for his own benefit while they are both alive. However, although this may be the starting position as regards the account holders and the bank, the parties' rights as against each other may depend on what else they have agreed and the purpose for which the account was opened and how it has been operated.

Is it the case that this particular account was a TIC type account?


If so, "survivorship" might not apply?

nodiscount

xylophone wrote: »

See links in 2 above.

Normally, the balance in a joint account will pass to the surviving account holder on death by right of survivorship, outside the terms of the deceased's Will. This is because almost all joint accounts will be held as "joint tenants" rather than as "tenants in common". Consequently, there is often no need to wait for probate; the survivor will simply provide the death certificate to the bank and it will transfer the money into the survivor's sole name. The normal mandate on a joint bank account provides for this and enables either of the named parties to withdraw the whole amount for his own benefit while they are both alive. However, although this may be the starting position as regards the account holders and the bank, the parties' rights as against each other may depend on what else they have agreed and the purpose for which the account was opened and how it has been operated.

Is it the case that this particular account was a TIC type account?


If so, "survivorship" might not apply?

I'm starting to think it's not a 'normal' account as one of them would have emptied it by now (before it became dormant).

At a loss of what to do now as living brother is awol.

xylophone

At a loss of what to do now as living brother is awol.

Are you the deceased's executor?

The living brother is untraceable rather than absconded from the forces?