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Joint account, 2nd account holder has died, is the cash part of the estate?

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Comments

  • Noctu
    Noctu Posts: 1,553 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Thank you to all who replied. Solicitor has advised that as they are 'true' joint accounts which are now owned by my dad, they do not form part of the estate. It will be considered for tax purposes but not for distribution within the estate. However this may be challenged by the beneficiaries. As Dad's Mum put my Dad on the accounts in the 1990s, the solicitor believes this adds more weight to any case we might want to make for my Dad to have this money. 
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Are you planning to get the grant with both you and the solicitor named?

    if you are then you have  someone independent to make the case for its yours now.

    That pretty much leaves the family dynamic and how it may impact your relationship with your siblings.
  • Noctu
    Noctu Posts: 1,553 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Are you planning to get the grant with both you and the solicitor named?

    if you are then you have  someone independent to make the case for its yours now.

    That pretty much leaves the family dynamic and how it may impact your relationship with your siblings.
    Yes - my Dad was hoping to do probate himself but given the situation we're going to instruct a solicitor.

    Sadly the family dynamic is already in the gutter and has been for a long time.

    Thank you to you and the other posters for your advice and I hope my update is helpful to others in terms of the technicalities/legal position, at least in our specific situation.
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