#Jointbankaccounts

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Bank Accounts – What happens when someone dies?

Joint bank accounts between spouses are becoming less common. Only one in eight married couples share their funds in a joint account according to The Sun Newspaper in 2019.  However, as the population ages, adult children often have joint bank accounts with their elderly parents.  This can have the benefit of making life simpler whilst a parent is alive. But might cause issues after they’ve passed away. What happens to the funds in a joint bank account? If you were married or in a civil partnership: If there is a surviving partner or spouse, then the account will be [...]

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