Joint Bank Current Account

[Tony Rizzo]

My aunt has made me a joint account holder on a current account with a healthy balance (on an either/or basis). My aunt told me that, based on her experience with a previous joint account, I must pay out at least one cheque from the account. If I don't, the bank will insist that the monies in the account go into her estate on her death. If I do pay out a cheque on the account, the entire account would automatically become mine as the surviving joint account holder. Is my aunt correct?

 

[Perplexed]

As far as I know ( & I'm not a legal expert ) a lot will depend on what your aunt says in her will.

It would still be technically part of her estate but if she designates it in her will as being totally yours on her death, then that should fulfill what you want.

Seeing as you're a nephew, you still may have a tax liability, depending on the amount.

I think it might be wise to seek expert advice if a very large amount is at stake. It will need to be taken into account if you will be expected to pay funeral expenses etc out of this a/c.

The bank will act in accordance with her will on her death on the solicitors instructions.

 

[RainyDay]

I would guess that you need to check the terms & conditions on the account - it may be that the amount automatically passes to you and does NOT become part of her estate on death.