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Outstanding Loan on death of a partner

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  • #16
    Re: Outstanding Loan on death of a partner

    Originally posted by Openlaw15 View Post
    . Joint bank account means a bank account that is owned between the joint holders, so on death the survivor takes the lot..
    Not necessarily!!
    GENERALLY the application form makes it clear that the account is held on a joint tenancy basis, but there are a number of instances where HMRC have challenged this understanding.
    If the funds are paid into a joint account by one person only it could be deemed to be held on a resulting trust for the depositor and so included in their estate.

    This does not normally affect spouses and those in civil partnerships.

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    • #17
      Re: Outstanding Loan on death of a partner

      Originally posted by des8 View Post
      Not necessarily!!
      GENERALLY the application form makes it clear that the account is held on a joint tenancy basis, but there are a number of instances where HMRC have challenged this understanding.
      If the funds are paid into a joint account by one person only it could be deemed to be held on a resulting trust for the depositor and so included in their estate.

      This does not normally affect spouses and those in civil partnerships.
      the facts are they wre spouse so a joint bank account goes to the survivor

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      • #18
        Re: Outstanding Loan on death of a partner

        I was just pointing out you made a blanket statement that was incorrect.
        I also indicated that married couples and those in civil partnerships would not normally have problems.

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        • #19
          Re: Outstanding Loan on death of a partner

          Originally posted by des8 View Post
          I was just pointing out you made a blanket statement that was incorrect.
          I also indicated that married couples and those in civil partnerships would not normally have problems.
          Desm, i was basing my opinion on the facts, it or they was/ were not intended to be a general statement of the broad law of joint bank accounts. For instance I know the law has different effect when it is co-habitees with joint bank accounts for instance. I was rather relating the law as it stands to spouses with joint bank accounts where one dies.

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