Inheritance complications due to Joint Bank Account

[Guest]

Hi,

I have an elderly uncle who is very unwell. He recently asked me to be his next of kin. He wants me to take care of his estate and has named me the sole beneficiary. He very emphatically told me that he does not want any of his late wife's grandchildren to receive anything.

There is a complication, a few years ago he added his step daughter's name to his bank account so that she could help manage some of his finances. She is currently hospitalised with Covid-19 and in a very serious condition, we do not know if she is going to survive.

I asked whether she should receive anything and he said that would be my decision. As far as I'm aware the entirety of a joint account goes to the surviving account holder, I do not think my uncle is aware of this.

Yesterday my uncle was told that he has an aortic aneurysm and needs urgent surgery. He will likely be going into hospital very soon.

I'm visiting him this Sunday to discuss matters. Is there anything my uncle can do to specify that his bank account would pass to me in the event of his death?

If anyone could point me in the right direction I'd be very grateful.

[des8]

Whilst the starting point is that generally the funds from a joint account will pass automatically to the survivor, that is not always so.

If you were to raise a dispute about the ownership of the funds if your uncle passes before his step daughter, the court would look at the source of the funds and the intention of both parties when the account was made joint.

It would certainly help if he writes a statement setting out the position and his wishes.
If possible have his signing witnessed by a third party... a solicitor would be good

[efpom]

Reduce the balance on the existing joint account to say £10 and open a new account with either your uncle as sole account holder, or with him and you as joint account holders in the new account.

[WDeranged]

Thank you very much for the replies. I'll put your suggestions to my uncle and see what he wants to do. I suspect he'll go the route of signing a statement as it's less hassle for him.

[efpom]

It would be worthwhile checking if the stepdaughter was, in fact, added to be a joint account owner, or if she was simply added as an authorised signatory to the account.

That can, I think, be established by looking at a recent account statement, to see if her name is mentioned.

[des8]

In that case give a copy to the bank, and be prepared to remind them as soon as he passes, so that the account is frozen and step daughter can't empty it.