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.
A comprehensive article on this and related issues can be found here on our website by following this link.
As a seasoned expert in estate planning and probate matters, I bring to the table a wealth of firsthand expertise and an in-depth understanding of the intricacies surrounding joint ownership of bank or building society accounts in the event of a person's demise. My extensive knowledge is grounded in years of practical experience navigating the legal and financial landscapes associated with such situations.
Now, let's delve into the key concepts embedded in the provided information:
-
Joint Ownership and Survivorship: The statement underscores that if an individual is a joint owner of a bank or building society account with the deceased, they automatically assume ownership of the funds in the account upon the death of the other account holder. This concept is rooted in the principle of survivorship, a common feature in joint ownership arrangements.
-
Probate and Access to Funds: The article clarifies that the joint holder does not need to go through the probate process or obtain any authorization from the deceased's personal representatives to access the funds. This highlights a crucial aspect of joint ownership, where the survivor enjoys immediate and unhindered access to the joint assets without the delays and formalities associated with probate.
-
Non-Freezing of the Account: Contrary to some misconceptions, the account does not become "frozen" upon the death of one of the joint owners. This dispels a common misunderstanding, emphasizing that the surviving joint owner retains control over the account without facing restrictions typically associated with probate proceedings.
-
Notification Requirement: While the survivor can access the funds without probate, it is essential to inform the bank about the death of the other account holder. This requirement ensures that the financial institution is aware of the change in ownership and can update its records accordingly.
-
Reference to Additional Information: The article hints at a more comprehensive resource available on the website, providing readers with an opportunity to explore a deeper understanding of the associated legal and financial nuances. This reflects a commitment to education and empowerment, encouraging individuals to be well-informed about their rights and responsibilities in such situations.
In conclusion, the provided information outlines a streamlined process for the transfer of ownership in joint bank or building society accounts upon the death of one owner. It emphasizes the efficiency of joint ownership structures in avoiding probate-related complexities and highlights the importance of communication with the financial institution to facilitate a smooth transition.
