Savings account in joint names

BumblebeesAndTrees

Hi, we are currently dealing with the sadmin of close family member who has passed. If a savings account was held in joint names, do the funds automatically become soley owned by the survivor? And not form part of the deceased's estate?

Thanks

Cairnpapple

Which UK country are you in? Scotland is different from England in this regard.

Keep_pedalling

Assuming England or Wales normally it would not form part of the heritable estate but it would form part of the estate for IHT purposes.

If however it was an account of convenience funded entirely by the deceased then things are somewhat different.

mta999

In England and Wales the default situation is normally that joint savings accounts are in joint tenancy (not a tenancy in common) - that being so the account passes to the survivor upon death of one if the parties

Cubicsrube

We are in England and had this scenario recently. The answer was that yes, the balance in the joint current account passed immediately and instantly to the joint account holder (outside the will), and also yes - the whole balance had to be declared to HMRC as part of the deceased's estate, since the money in it came from her - she had made a relative into a joint account holder to facilitate shopping and other transactions.