Another Question For You

[jennyjoan]

If my friend and myself open a savings account together - if one dies the other definitely gets all. Is that right.

[jennyjoan]

are there any answers to this please

[tamborine]

no, the friends family get her share. Same for your share will go to your kinfolk

[rowanwitch]

I would expect half of the savings will go to her estate. Unless you have a pre existing formal agreement. Or if she leaves it to you in her will

[johnny.5]

maybe if you marry your friend

[hc4361]

"Normally, the balance in a joint account will pass to the surviving account holder on death by right of survivorship, outside the terms of the deceased's Will. This is because almost all joint accounts will be held as "joint tenants" rather than as "tenants in common".

https://www.boodlehatfield.com/the-firm/articles/joint-accounts-whose-money-is-it/

"When it comes to funds in a joint account, it's normally quite straightforward: they belong to the surviving partner."

https://www.thinkmoney.co.uk/joint-bank-account/joint-bank-account-death/

[Peter Pedant]

Make sure it is a joint account and yes it goes to the survivor outside the will

the jointure can be converted to a commonalty by a letter or document - so long as the document is NOT a will ( see above)

The moolah is part of the estate for IHT purposes

On death of one party the other party just tells the bank to put it in one name on production of the death certificate ( I think)
Otherwise you have to freeze the dead persons accounts and the executor does all the fol-de-rol

Either party can dip into the account for any amount
BUT
the leading case is re Northall
http://www.fridaysmove.com/joint-bank-accounts-%E2%80%93-recent-case-re-northall-deceased-2010/15832

You cant use it to escape IHT. Mrs N put in £50k and the judges held it was hers and not her grasping nephew's for tax purposes - and is consistent with the law principle of 'equitable tracing'.

This would have been better off in Law - you would not have got so many replies which can only be called 'wrong'

[jennyjoan]

thanks all

[Zacs-Master]

Why would you want to do that anyway?

[jennyjoan]

you're right PP - didn't think.

am just thinking - what would happen one of the joint(ers) - went to care home - would his half of the account be used to pay for his fees.

[Peter Pedant]

oops not sure about that one
Ubasses or some others will know

[Spicerack]

You'll get caught, jj. Don't do it.

[jennyjoan]

get caught doing what spicerack

[jennyjoan]

if it meant that the care home gets his half - then so be it - no big deal

[ummmm]

Why would you do that?

I've been with my partner for many years and we don't have a joint account. Make a will if you want to secure where your money goes.