Survivorship bank accounts

dan411

All 

when a father and daughter share a bank account, but the father put in all the money. Would it be handed down as survivorship as all the money is for the daughter? This is not specifically stated in the will but this is what the father wanted and the whole family know this? 

Which means if it was, do I have to put this account down? 

Thank you 

p00hsticks

dan411 said:

All 

when a father and daughter share a bank account, but the father put in all the money. Would it be handed down as survivorship as all the money is for the daughter? This is not specifically stated in the will but this is what the father wanted and the whole family know this? 

Which means if it was, do I have to put this account down? 

Thank you 

Not an expert but currently going through a similar process....

As I currently understand it, the daughter would automatically receive all the money, but for the purposes of probate / IHT calculations then the money in the account needs to be included in with the fathers assets (in a 'genuine' joint account you would include 50% of what's in the account, but in cases like yours where it was solely funded by one person it should be the whole amount.  

Keep_pedalling

You have to include the full amount as part of his estate for probate and on the IHT return if you have to do one. If the residual beneficiaries are happy with the arrangement then no problem. Is IHT applicable?