Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Joint bank account and deceased a/c holder

  • 23-01-2013 5:15pm
    #1
    spiral1
    Registered Users, Registered Users 2 Posts: 10 ✭


    Hi....What happens to a Joint bank account with a husband and wife when either one of the two dies without a will???Does the surviving spouse have immediate access to funds??

    thanks!!!:D:D


Comments

  • #2
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    http://www.revenue.ie/en/personal/circumstances/bereavement/executors.html#section1-11
    In the absence of a letter of clearance from the Revenue Commissioners, banks, building societies and other financial institutions are prohibited by law from releasing monies (other than current accounts) lodged or deposited in the joint names of the deceased and another person or persons. This applies if, at the date of death, the total of all the amounts standing with the institution in the joint names of the deceased and that other person or persons exceeds €50,000. It does not apply, however, to monies which have only been held in the joint names of the deceased and his or her surviving spouse or surviving civil partner.

    So it would appear that if
    i. the account is in both spouses names, or
    ii. is a joint current account, or
    iii. has a balance of less than €50k

    the other named person may access and withdraw the funds immediately.

    They will probably need to provide a death certificate to the bank though, especially if the account requires both signatures to withdraw funds.


  • #3
    maithanfear
    Banned (with Prison Access) Posts: 47 ✭maithanfear


    If the surviving spouse is clever, they will keep their mouth shut and say nothing to the bank.


  • #4
    dewdrop
    Registered Users, Registered Users 2 Posts: 265 ✭✭dewdrop


    AS far as i know the llimit 50K does not apply if the account is in the names of husband and wife. Just the Death Cert and bank will probably open a new account in survivors name


  • #5
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    This happened to my FiL. Bank wouldn't release the money until probate was granted.


  • #6
    dewdrop
    Registered Users, Registered Users 2 Posts: 265 ✭✭dewdrop


    I am pretty certain that in the case of a Joint Deposit Account in the names of a husband and wife and in event of death of one of the parties the funds should be released to the survivor on production of a death cert and WITHOUT requirement of consent from Revenue or production of a Grant of Probate. This does not apply, of course where the deposit is in joint names of parties who are not husband and wife and where the deposit is in a sole name


  • Advertisement
Advertisement