Ownership of funds in joint bank accounts ?

[Snoopy1948]

When my late wife passed away in 2008, we held current and saving bank accounts in joint names. She died intestate but I was informed that joint bank accounts, presumably between spouses, revert to joint and several style ownership so there was no question that all funds became my property and all that was necessary was a death certificate to the bank to have my late wife removed from the account.

My question is however, that while I have since remarried and have a joint bank and savings account with my new wife, I hold a further current account in joint names with my daughter. The reasoning behind this was that she has mishandled her own previous account ( that was closed as a result ) and they were reluctant to grant a further account in her sole name. However, on the basis that I have an excellent banking record, the bank agreed to let her have another providing I held in jointly, to assure the bank that I would hold joint responsibility and maintain it well.

This has worked well for some years now but my worry is what would happen in the event of my death? The account obviously only holds my daughters income and expenditure ..... but in the event of my death, would the account become frozen on the basis that we are a father and daughter relationship only?

[Snoopy1948]

Re: Ownership of funds in joint bank accounts ?

[leclerc]

Re: Ownership of funds in joint bank accounts ?

When my late wife passed away in 2008, we held current and saving bank accounts in joint names. She died intestate but I was informed that joint bank accounts, presumably between spouses, revert to joint and several style ownership so there was no question that all funds became my property and all that was necessary was a death certificate to the bank to have my late wife removed from the account.

My question is however, that while I have since remarried and have a joint bank and savings account with my new wife, I hold a further current account in joint names with my daughter. The reasoning behind this was that she has mishandled her own previous account ( that was closed as a result ) and they were reluctant to grant a further account in her sole name. However, on the basis that I have an excellent banking record, the bank agreed to let her have another providing I held in jointly, to assure the bank that I would hold joint responsibility and maintain it well.

This has worked well for some years now but my worry is what would happen in the event of my death? The account obviously only holds my daughters income and expenditure ..... but in the event of my death, would the account become frozen on the basis that we are a father and daughter relationship only?

On your daughter's account it would revert back to her. In regards to your new joint account with your new wife then your new wife would effectively be the sole name on the account on production of death certificate. As all account are at the same bank then when the paperwork is done for your daughter/wife's account both should be done at the same time.
It would only be frozen if it was a sole account