Joint Deposit Accounts

[sooty]

What is the story with joint deposit accounts when it is the case of say father & son......in the event of the death of one party, do the funds automatically go to the other party. I seem to be under the impression that it is only in the case of husband & wife that the proceeds automatically fall to the other party. I thought that in other cases that even though the two names are on the account, it still forms part of the estate of the deceased member.

 

[BrenG]

Almost all joint deposit accounts are designated "either or survivor" which means that if 1 party died the surviving party can withdraw the funds. Regarding the issue of wills and estates this is a separate matter and unless there is a specific document dealing with the shareholding on the account it could cause difficulties.

 

[dewdrop]

if a joint deposit account is not in names of a husband and wife then if the balance is over what used to be i think fivee thousanad pounds the funds cannot be released to the survivor without a certificate of clearance from the revenue commissioners. if in name of husband and wife a death cert will suffice.