Probate Query on Joint Account

E

Extraspin

Guest
Hi All,

I am an executor and beneficiary of my aunt's will. I am also a joint account holder on her main account to be used to pay expenses, beneficiaries and any outstanding bills. The financial institution have informed me that all I need is the death cert for funds to be released.

My query is this; I am a signatory on another account (not joint account), with a different financial institution. They have told me that I need probate to release these funds. Does this mean I cannot release funds from the 1st account until probate is issued, even though it's not required by the 1st financial institution?
 
No, the rules are different for a joint account - the remaining account holder becomes entitled to all the funds on the death of the first account holder. The bank need to see the death cert to confirm the death of the account holder prior to releasing the funds.
 
Thanks jpd.

Do you know if CAT rules apply in this instance?
 
Yes, normally the amount in the account will be included in your inheritence for CAT purposes but there may be circumstances in which it isn't depending on who funded the account.
 
Final question jpd.

Probate office have given me CA24 Revenue Affidavit to fill in. Do I need to fill in joint account details also even though the financial institution doesn't require probate for these. There are a couple of joint accounts left to various beneficiaries; will I have to submit all of them on the CA24?
 
Yes, they have to be included as they make up part of your inheritence.
 
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