Cristiana Felisi writes in We Wealth about the treatment of joint bank accounts on inheritance
min readThe death of a joint account holder can create uncertainty over which funds form part of their estate and how those funds should be divided among beneficiaries. Although money held in a joint account is generally presumed to belong to the account holders in equal shares, that presumption can be challenged. The source of the funds, the account holders’ intentions and evidence concerning the account’s operation may all be relevant when determining its true ownership.
Particular difficulties may arise where the account was funded by only one holder or the surviving holder made withdrawals before or after the death. In those circumstances, the beneficiaries may seek to establish that some or all of the money belonged to the deceased and should be returned to the estate.
The distinction between the authority to operate an account and ownership of the money within it is therefore important. Cristiana Felisi, Partner in our Private Client team, explores important considerations for joint account holders in We Wealth, including how careful evidence of contributions, expenditure and any intention to make a gift can help determine the respective rights of the surviving account holder and the beneficiaries.
Read the full article in We Wealth here.
