# What happens to Joint Accounts on the death of one of the account holders?



## Darthvadar (15 Feb 2014)

My darling mum has been quite unwell for a while, and it looked like I was losing her about five weeks ago. Anyway, she has rallied, thank God, and with a Home Care Package from the HSE, I may even get her home again rather than her going into long-term care, fingers crossed.

 I've been her sole carer for about the past eight years.

 Anyway, long before Mum became unwell (about twenty-five years ago), we put all bank, credit union, Post Office accounts, etc. into joint names. It's been a long term thing. We've always had total trust in the other, and there was never a question of 'This is my money, this is Mum's money'. It's always been 'Our money'. Anyway, I operate the accounts now and as we've always had an 'Allow Either' to operate account', it's been handy for paying bills, lodging money, etc.

 Mum becoming so unwell recently got me thinking, if one of us dies, does the other automatically own the account?. There are wills, and I'm the only executor and beneficiary of Mum's, and vice-versa, but as the money in these joint accounts is the majority of what Mum owns, I was wondering if I can just carry on using the accounts without applying for probate on her death. Life would be so much easier if I could tidy up this issue in my mind.

 Thank you in advance.

 Darth.


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## dewdrop (16 Feb 2014)

My understanding is that unless contested by say some other  family member  funds in a joint account will be released to the survivor on production of the original death cert or a certified copy. As the deposit is not in names of a husband and wife then if it more than 50K euro an IT8 Tax Clearance cert is required from Revenue before funds can be released. More details on this at www.revenue.ie. A new account is then opened in the name of survivor.


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## Darthvadar (16 Feb 2014)

Thank you very much, Dewdrop.

 Much appreciate your input. There won't be anything like €50,000 in any one account.
 That's a load off my mind, thank you again.

 God bless.

 Darth.


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## WizardDr (16 Feb 2014)

Hi Darthvadar

Just to add a little to what dewdrop said.

You and your Mum can nominate each other with your Credit Union under Section 21.

I don't think they have joint accounts as such.

There is a monetary maximum of €23,000.

My understanding is that this then falls out of the estate.

Hope all is well.


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## Darthvadar (16 Feb 2014)

Thanks Wizard.

 Much appreciated. You're right about the CU accounts, we have nominated each other.

 Thank you again for taking the time to reply.

 God bless.

 Darth.


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## Elnino (25 Feb 2014)

WizardDr said:


> Hi Darthvadar
> 
> Just to add a little to what dewdrop said.
> 
> ...




I don't think that you can do nominations on a Credit Union joint a/c as the money in the account automatically reverts to the surviving party.


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## Gerry Canning (25 Feb 2014)

Darthvader.

I do not want to sound morbid, but it might now be a good time to transfer enough funds from some of the joint accounts to your sole name.
The reason is to cover any hiccups on getting your mothers death-cert. It means you can pay bills whilst estate gets sorted without worrying too much about details .From what you say she would approve.
Wish you both well.


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## Darthvadar (20 Jul 2014)

Sorry for the late reply, Gerry. Haven't been online much. I've spent most of my time since New Year's Day at the hospital with Mum. 

I have sorted that issue out a few months ago, on your advice, and it was good advice. Thankfully, in April I got Financial Power of Attorney to attend to Nursing Home fees, etc., and that allowed me to do those other little things. 

My darling mum died last Tuesday in hospital, on the ward and in the care of the staff she knew well and trusted totally, so thankfully the nursing home issue didn't arise. Not so much from the fees issue, but Mum never wanted to go to a nursing home.

Thank you so much, again. It's at difficult times like the past few months you realise that there's great kindness out there.

God bless.

Darth.


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## AgathaC (22 Jul 2014)

My sincere condolences on your sad loss, Darth.
Take care.


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## Darthvadar (23 Jul 2014)

Thank you, Agatha.

Very much appreciate that.

Darth.


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## Sue Ellen (23 Jul 2014)

Darthvadar,

Very sorry to hear of the death of  your Mother.

Look after yourself.

S.E.


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## Darthvadar (5 Nov 2014)

Sorry Sue Ellen.

How did I miss your comment?.

Thank you very much for your kind thoughts.

Darth.


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## Gerry Canning (5 Nov 2014)

Lovely to read of things sorted with minimal hassle for good people .
Wish you well.


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## oldenburg (6 Nov 2014)

*Death of Wife, Joint Accounts*

My wife died recently. We had several joint A/Cs. I wrote to bank and others to inform them. In the case of my bank, no reply. But I was patient. Then my pension provider phoned to say that the bank had returned my pension. I phoned the bank, yes, they got my letter and I should have had a reply. I must now open a new A/C, and I am awaiting instructions. Opening a new A/C is awesome, they require docs which I do not have e.g. Passport, driving licence, ID Card. Another Co. is looking a copy of my late wife's signature ! I am age 78 and under great stress from bank and 2 other Fin. Cos.


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## dewdrop (6 Nov 2014)

I am sorry to hear about the death of your wife and I appreciate this is a sad and difficult time for you. If your accounts are in the local Branch have  you called in and asked to speak to someone to deal with your situation. Even if your account is elsewhere they should be able to help. Perhaps you know some recently retired bank people who I am sure might be of help.


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## oldenburg (6 Nov 2014)

Thank you Dewdrop for your interest. Forgot to say that I am house bound.
Any comment on the docs being sought 'Passport, driving licence, ID Card. Another Co. is looking a copy of my late wife's signature'
Some Fin. Coys. are going over the top with the Money Laundering Act .


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## dewdrop (7 Nov 2014)

Have you tried ringing the local AIB/Bank of Ireland and asking them would they arrange for an official to call on you?  As I said ideally if you knew someone with a financial background they may be able to help. They don't have to know your personal details of the sums involved but should be able to guide you through the "paper work"


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## oldenburg (7 Nov 2014)

Thank you again Dewdrop. Yes, I phoned the bank, they just keep repeating that when one member of a joint A/C dies a new A/C must be opened. I am now awaiting their letter with instructions. They returned my pension lodgement to the provider without telling me. This and looking for docs which I do not have I consider psychological/financial abuse of the elderly. I contacted Age Action but got no help, they referred me to the Financial Ombudsman !


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