Joint signatory bank account after one signatory dies?

MyOnlyPost

Can I confirm, joint account and joint signatory are not one and the same?

People on here are talking about joint accounts but I thought/assumed/dreamt a joint signatory (as often used by charities) requires two signatures to withdraw? I think most people of my age or older may recall at some time in their life seeing a cheque with two signatures on it?

Also the OP may mean joint account and not joint signatory?

Rich2808

Joint accounts can end up causing all sorts of grief if set up for the wrong reason.

An elderly relative in Ireland arranged for a neighbour to carry out financial transactions on their behalf as they were housebound - rather than sorting out power of attorney the neighbour set it all up as a joint account and this was extended to her savings which were all with the same bank. The elderly relative seemingly had agreed to this - perhaps not realising what this would mean..

So when said relative died the neighbour became legally entitled to all my relatives money via survivorship even though they had not paid a single penny of their own money into the account. And those named in her will as supposedly receiving her savings got none of the money.

unforeseen

MyOnlyPost wrote: »

Can I confirm, joint account and joint signatory are not one and the same?

People on here are talking about joint accounts but I thought/assumed/dreamt a joint signatory (as often used by charities) requires two signatures to withdraw? I think most people of my age or older may recall at some time in their life seeing a cheque with two signatures on it?

Also the OP may mean joint account and not joint signatory?

My guess it is a joint account with both to sign. I think that is the only type of joint signatory account available on the personal banking side of things. In which case normal joint account rules will apply on death of one signatory.

nodiscount

xylophone wrote: »

Are you the deceased's executor?

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

Sorry yes, untraceable but will probably come out of woodwork now.

xylophone

You are the deceased's executor? Or he died intestate and you will will be the PR?

You will need to establish whether this was a joint tenancy or TIC type account.

Either way, if you are completing forms for probate/HMRC, the account will need to be declared.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/517451/IHT404.pdf

It will be important to establish how the account was owned because of the implications for inheritance.

Have you (as executor/PR) contacted the bank concerned to see what assistance can be provided to clarify the matter?