Probate

[granada]

I am dealing with the probate of a recently deceased elderly lady, and have a concern in relation to a joint account that she held with her daughter for over 35 years, and which dates back to the daughters student days and the long period they shared a home.
There have been a great number of transactions over the years which covered joint household and holiday expenses etc. I have therefore no certain way of calculating the precise amounts that each has paid into or withdrawn from the account.
I have been advised that this is not a problem because on the demise of the mother the contents of the joint account automatically reverted to the daughter, and therefore should not be included in the mother’s probate submission.
I obviously wish to be precise in dealing with this lady’s probate and would appreciate any advice in respect to this long standing joint account.

[maths]

Bank accounts in joint names are for 99.9% of the time held as beneficial joint tenants not beneficial tenants in common.

Accordingly on the death of one joint owner their interest (50%) automatically under the survivorship rule passes to the survivor outside the probate process (ie probate not needed).

Production of the death certificate to the bank will enable the deceased's name to be removed from the account name.

For completeness 50% of the balance in the account at the date of death would still be included in the deceased's estate for IHT.