joint account

agg2296

my late father and i had joint savings account...the bank has now changed this to a single account in my name as the surviving account holder...does this mean that all the money is legally mine.....if so, can my siblings dispute this ... are they entitled to a share of these joint savings ?....[ our father did not leave a will ]......also, my siblings will be receiving some other money and items from my fathers estate...when these items are given to them, .are they legally obliged to sign for them or will a email suffice as proof of receipt.... ....any advice/ and facts will be much appreciated.....thank you   

Keep_pedalling

Did you contribute to this account or was it just your father’s money? If the latter then it should be part of his estate.

poppystar

Keep_pedalling said:

Did you contribute to this account or was it just your father’s money? If the latter then it should be part of his estate.

I thought it would be part of his estate for tax purposes but would pass to OP by survivorship and not be part of the estate for distribution purposes even if all money was contributed by just the one joint owner. 

Keep_pedalling

poppystar said:

Keep_pedalling said:

Did you contribute to this account or was it just your father’s money? If the latter then it should be part of his estate.

I thought it would be part of his estate for tax purposes but would pass to OP by survivorship and not be part of the estate for distribution purposes even if all money was contributed by just the one joint owner. 

It does as far as the bank is concerned, but some people set these accounts up so that a child cam manage their money for convenience and the money belongs to them alone. 

YoungBlueEyes

My Father and I had a joint account, but it was his money and his account  - my name was added to make it easier to pay bills etc if he was in hospital or whatever. 

My specialist probate solicitor told me that legally speaking the money was now mine, but Father always said he wanted it split 4 ways (4 daughters), so that’s what I did.

Sometimes there’s legally right, and then there’s morally right.  

xylophone

As the money in the account was contributed solely by your father, it would have had to be declared on the forms submitted for IHT as his money.

That said,  a joint account falls under the control  and ownership of the surviving account holder.
https://www.dfalaw.co.uk/someone-dies/
If a person is a joint owner of a bank or building society account with the person who has died, then from the time of the death the joint holder automatically owns the money in the account. The account is not “frozen” after the death and they do not need a grant of probate or any authority from the personal representatives to access it. You should, however, tell the bank about the death of the other account holder.

However,  there can be a dispute see https://www.ibblaw.co.uk/insights/blog/joint-bank-accounts-post-death-clarity-intention-key#:~:text=The usual position is that,terms of the deceased's Will.&text=The starting point is a,will fall within his estate.

I recall a long running thread on another forum concerning the only son of a second marriage who had joint accounts with his mother. These were willingly entered into by the mother and there was evidence that the implications of joint accounts re survivorship had been explained to her.

However, she had not altered her will which left various bequests to children of her late husband's first marriage. These felt particularly strongly because the mother had received a substantial inheritance from their father.

You may imagine the dispute which ensued.

xylophone

my late father and i had joint savings account...the bank has now changed this to a single account in my name as the surviving account holder...does this mean that all the money is legally mine.....if so, can my siblings dispute this ... are they entitled to a share of these joint savings ?....[ our father did not leave a will ]......also, my siblings will be receiving some other money and items from my fathers estate...when these items are given to them, .are they legally obliged to sign for them or will a email suffice as proof of receipt.... ....any advice/ and facts will be much appreciated.....thank you  

See post above and https://www.thegazette.co.uk/wills-and-probate/content/103479

Rules of intestacy here

https://www.gov.uk/inherits-someone-dies-without-will

Presumably you will be seeking Letters of Administration so that you can deal with assets solely owned by your father.

You should seek a signed receipt from those to whom distributions from the estate  have been made.

naedanger

I think there is a difference between the law in Scotland and England and Wales.

If the deceased was covered by the law in Scotland see the following link:
https://www.citizensadvice.org.uk/scotland/family/death-and-wills/after-death-dealing-with-an-estate/#:~:text=If%20only%20one%20person%20contributed,account%20holder%20who%20has%20died.