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Natwest Joint Accounts & a Will
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NikitaXX
Posts: 3 Newbie
Hello there,
I'm doing some research and I like some information from experts in the field if possible, as we seem to have a disagreement here...
In this case.. The funds in the account(s) ALL belongs to person 1 but they've added person 2 to manage the "joint account". From what I understand, there's no debt cards or internet banking of any form, it's purely an joint bank account with a paying in book.
Here lies the problem... What will happen if person 1 of the named account holder decease, but the sole beneficiary of is person 3 which isn't on the named account. Would this person have access to those account(s) with a death certificate and legal identity? Would they be able to collect 100% of the funds? Or would those funds be split between person 2 and person 3??
I'm sorry for the complicated issue but basically, person 1 doesnt' speak english, but person 2 does... However none of the funds belong to person 2
Thanks for your help.
I'm doing some research and I like some information from experts in the field if possible, as we seem to have a disagreement here...
In this case.. The funds in the account(s) ALL belongs to person 1 but they've added person 2 to manage the "joint account". From what I understand, there's no debt cards or internet banking of any form, it's purely an joint bank account with a paying in book.
Here lies the problem... What will happen if person 1 of the named account holder decease, but the sole beneficiary of is person 3 which isn't on the named account. Would this person have access to those account(s) with a death certificate and legal identity? Would they be able to collect 100% of the funds? Or would those funds be split between person 2 and person 3??
I'm sorry for the complicated issue but basically, person 1 doesnt' speak english, but person 2 does... However none of the funds belong to person 2
Thanks for your help.
0
Comments
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The usual position is that on death of one of the account holders, the joint account will pass by the rule of survivorship to the surviving account holder, outside the terms of the deceased’s Will.Despite the rule of survivorship described above, a dispute can arise when one party has paid all or most of the money into the account. A court can and will look at the true intention behind the creation of the account and afterwards.
The starting point is a presumption that the monies contributed by the deceased joint owner will fall within his estate.
This means that all the money goes to person 3, if person 3 is the sole beneficiary in the Will or through intestacy.
Summarised from
https://www.ibblaw.co.uk/insights/blog/joint-bank-accounts-post-death-clarity-intention-key
Note their comment regarding the court case Drakeford v Cotton and Stain [2012] EWHC 1414(Ch): Whilst the deceased’s intentions were upheld, this was only after an expensive and acrimonious Court battle.A kind word lasts a minute, a skelped erse is sair for a day.0 -
Owain_Moneysaver wrote: »This means all the money goes to person 2.
This means that all the money goes to person 3, if person 3 is the sole beneficiary in the Will or through intestacy.
Summarised from
<snip>
Note their comment regarding the court case Drakeford v Cotton and Stain [2012] EWHC 1414(Ch): Whilst the deceased’s intentions were upheld, this was only after an expensive and acrimonious Court battle.
Thank you, that's what I thought....
Now... What if Person 1 asks person 2 to transfer all the funds to person 3 but person 2 refuse?0 -
It might help to know why these people are in this situation.
Why wait until death confuses the issue. Why have someone on a joint account if they don't share the money? Surely the best way to resolve things is to not have a joint account or have one with Person 3.0 -
It might help to know why these people are in this situation.
Why wait until death confuses the issue. Why have someone on a joint account if they don't share the money? Surely the best way to resolve things is to not have a joint account or have one with Person 3.
Well.. Person 1 doesn't speak english but they live here. plus they need to pay utilities and other things. Since banks require the account holder to give authorizations for transactions, it made sense at the time the account was opened cause person 3 wasn't born then. Now, they've decided that their estate will goto person 3 as a sole beneficiary.0 -
It would be better set up a lasting power of attorney, and ditch the joint account.0
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I've recently discovered the General Pwer of Attorney, which is simpler than a Lasting Power, and is intended for situations where the Donor(Person 1) has capacity but needs help
It is explained well at https://www.nationwide.co.uk/support/managing-someone-elses-finances/general-power-of-attorney#xtab:twistyitem-form0 -
I've recently discovered the General Pwer of Attorney, which is simpler than a Lasting Power, and is intended for situations where the Donor(Person 1) has capacity but needs help
It is explained well at https://www.nationwide.co.uk/support/managing-someone-elses-finances/general-power-of-attorney#xtab:twistyitem-form
A GPA should only be used as a short term solution, it becomes useless if the donor loses capacity through accident or illness.0 -
Hello there,
I'm doing some research and I like some information from experts in the field if possible, as we seem to have a disagreement here...
In this case.. The funds in the account(s) ALL belongs to person 1 but they've added person 2 to manage the "joint account". From what I understand, there's no debt cards or internet banking of any form, it's purely an joint bank account with a paying in book.
Here lies the problem... What will happen if person 1 of the named account holder decease, but the sole beneficiary of is person 3 which isn't on the named account. Would this person have access to those account(s) with a death certificate and legal identity? Would they be able to collect 100% of the funds? Or would those funds be split between person 2 and person 3??
I'm sorry for the complicated issue but basically, person 1 doesnt' speak english, but person 2 does... However none of the funds belong to person 2
Thanks for your help.
Why don't they do power of attorney?Forty and fabulous, well that's what my cards say....0 -
Well.. Person 1 doesn't speak english but they live here. plus they need to pay utilities and other things. Since banks require the account holder to give authorizations for transactions, it made sense at the time the account was opened cause person 3 wasn't born then. Now, they've decided that their estate will goto person 3 as a sole beneficiary.
Is person 3 still a minor? It might be helpful if you explained the relationship between the three people.0 -
Joint accounts can still have the benefitial interest 100% belonging to one person.0
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