Natwest Joint Account - Mum gone - Easiest method?

[Snafs]

I'm trying to find the easiest method to deal with this, and looking at NatWest's bereavement website it's way over the top for my needs and does not even mention my scenario.
It's a very simple situation:
Mum and I shared a joint Natwest Current Account for over 20 years.
I've been dealing with all typical home bill/finances for many years also.
This is the main bank account, all monthly bills come from this account, and I maintain al of those things.

Now mum has sadly passed, I understand as it's an active joint account, it will simply be moved into my name to carry on as it has been for many years now.

I've been told and read that I don't need to have Probate/Wills for this. Just that I'm next of kin, and have death certificate.
It will simply get mums name removed (new cheque book?) and that's that.

Firstly, is this all correct? I just need death cert and proof of ID for myself?
Secondly who should I contact? I'd like to just go down the local branch with this paperwork, talk to a human and get this dealt with.
As I say these on-line things are way over complex for my simple needs.

Advice and thoughts most welcome.

 

[nitram]

On the death of a joint holder of any asset that asset passes to the remaining joint holders outside of any will.

In your case the account automatically becomes a sole account in your name.

All the bank need is sight of the death certificate, they don't actually need your ID but take it all the same so you can set up the account as required.

The bank will sort out cheque book, debit card, internet access, etc.

Especially in the current situation probably best to ring in and make an appointment.

 

[Snafs]

On the death of a joint holder of any asset that asset passes to the remaining joint holders outside of any will.

In your case the account automatically becomes a sole account in your name.

All the bank need is sight of the death certificate, they don't actually need your ID but take it all the same so you can set up the account as required.

The bank will sort out cheque book, debit card, internet access, etc.

Especially in the current situation probably best to ring in and make an appointment.

Thanks.
Yes that was what I was lead to believe and was hoping was the actual case.
It's just, as I said, you go onto Natwest's web site and it does not seem to offer anything as simple as this, they go off into estate administrations, and wills and solicitors.
Given how many people have joint accounts (millions) I had hoped they would have an area for that

I will do as you suggest, Ring them on Monday and try and make an appointment to see them at the local branch and get this dealt with simply in one go.

Mum did have a few other accounts in her own name.
And my initial understanding was these would be instantly locked upon notification of death.
However I had since read that this generally will only apply if there is more than a certain amount in the account.
If it's just a few £100 or perhaps a couple of £1000 then they will probably not worry about that.
Not that I want to money! It's just nice to tidy up all these things to tick off my to-do list.

 

[nitram]

With death certificate and either a will, even if not proved by probate, showing you as executor (beneficiary if no executor) or if no will ID showing you as next of kin most banks will hand over considerable sums.
They may require an indemnity to be signed.

As a matter of interest Googling nat west joint account
gives
What happens if a joint account holder passes away?

In the circumstance that one joint account holder passes away, we can change the joint account to a sole account. The best thing to do is speak with your nearest branch, or write to us.

Joint Bank Accounts | NatWest Bank Accounts

Learn more about joint bank accounts, including joint savings accounts, at NatWest. Discover how to open a joint bank account online.

personal.natwest.com

 

[Louise7]

It's just, as I said, you go onto Natwest's web site and it does not seem to offer anything as simple as this, they go off into estate administrations, and wills and solicitors.

Hello @Snafs they do have a simple online form that you can fill in to inform them of a death if the individual only has an account(s) with them. Following submission they will then contact you to explain the next steps. It's in the 'notify us of a death' section on their website. They also state that if you are having difficulties completing the online form then please visit a local branch who will be able to assist. The online form only requires names & addresses, an account number and death certificate number if you have it, and they'll know from the account number that it is a joint one:


NatWest Online form

Should you only need/wish to let us know of a bereavement then you can use our Online Just Click – Notify & Upload Form (opens in a new window)..

Before you start to fill out the form, you will need to have the following details handy in advance so that we can help you:

• Your full name, address and contact telephone number
• The full name and address of the deceased customer
• The sort code and account number of the deceased (we only need one account number, even if there are multiple accounts)
• The Death Certificate number (if known)

We’ll then contact you explaining the next steps.

https://supportcentre.natwest.com/Searchable/997024672/How-do-I-inform-you-of-a-bereavement.htm

 

[Snafs]

^ Thank you also for the advice regarding this.
I just find it easier, and get into less of a panic if I am talking to an actual human being you can ask the questions I need to answer and explain something if I don't understand.
Things that seem very confusing to someone never having seen them before can turn out to be very straightforward with someone understanding to simply guide you.

 

[Louise7]

^ Thank you also for the advice regarding this.
I just find it easier, and get into less of a panic if I am talking to an actual human being you can ask the questions I need to answer and explain something if I don't understand.
Things that seem very confusing to someone never having seen them before can turn out to be very straightforward with someone understanding to simply guide you.

I understand @Snafs. I spent many hours/days trying to get through to my mum's bank on the phone when I needed some advice and couldn't get to the branch, so I think in your circumstances a visit to the branch to get face to face advice should hopefully get everything sorted at once. The link may be helpful to others though

 

[Duggies-girl]

It took me three visits to the NatWest to set up an executor account for dad even though he had always banked there and I also still had an old account with them. It was as if nobody knew what to do. First I was given a form of about 10 pages that I took back because it was impossible to fill in, then I was told that I had been given the wrong form entirely and was given another form which I took home to fill in and took back with the sealed copy of probate that was required.

Then they said that they needed to see the will too. I explained that it was impossible as the will was now with the probate office and it was either will or probate but they could not have both. This caused a bit of a kerfuffle and visits to the back office for advice. Finally it was handed over to a girl who had just come back from lunch who sorted out within a couple of minutes. She said all I needed was the probate and dads account number and my account number. She appeared to be the youngest member of staff and the only one who knew what she was doing.

Dad had another account in a local bank that sent me a form to fill in and send or hand in to our local branch with a sealed copy of probate. As I pass it very often I thought I would just hand it in for simplicity but the woman refused to take it without my ID I explained that she did not need my ID as I was just handing in the probate and form as requested by their head office and it really didn't matter who handed it in as long as they got it. She conferred with a colleague and between the both of them they decided that I should go home and get some ID

So I went home and posted it to them only to get a phone call the next day telling me that I should bring some ID to the branch so that they knew who I was. It was irrelevant who I was, I could have been anyone and it wouldn't have mattered, my husband could of dropped it off or my next door neighbour. It was the documents that they needed as stated on the form and posting it was perfectly acceptable. I did not go back in.

@Snafs I hope it is a simple thing for you to do (it should be) but in my experience a lot of bank staff have no experience of dealing with these things that should be an everyday occurrence for them and a lot of them need lessons on how to treat the bereaved.

 

[Snafs]

As I have been helping mum totally with all finances for the past years, and 100% with her full approval.
With the advent of "home banking" I could of course simply go it, transfer the very small amounts out, even shut down accounts and that would be that.
However, I'm aware that is technically illegal (don't see why anyone would actually care) but rules are rules of course.
Hence I wish to do things all correctly and above board.
It is a shame this can be difficult, esp in simple scenarios (transfer to next of kin) Something so simple can be made so difficult right at the time you can want to tidy up affairs.
I'm sure many rules are in place as there are, Unfortunaly many untrustworthy people out there up to no good. And the banks don't know you are totally genuine so have to play it safe.

 

[Jessbow]

Given that you have had to account for some years it may well be different , I well remember a solicitor reminding me that the value of half the assets should be included in mums probate figure

 

[nitram]

Probate authorises the executor to distribute the estate according to the will.
If the executor is the sole beneficiary probate will only be required if a third party demands it to release funds.
Splitting of joint account only matters if IHT limit is involved.

 

[Susan11]

Probate authorises the executor to distribute the estate according to the will.
If the executor is the sole beneficiary probate will only be required if a third party demands it to release funds.
Splitting of joint account only matters if IHT limit is involved.

How does it work if Inheritance tax is involved. From what you'd said previously I was thinking I should put my daughter's name on my account to avoid IHT. If i put her name on my account does she automatically get half without any IHT when I die. Sorry lots of question Nitram.

 

[Jessbow]

How does it work if Inheritance tax is involved. From what you'd said previously I was thinking I should put my daughter's name on my account to avoid IHT. If i put her name on my account does she automatically get half without any IHT when I die. Sorry lots of question Nitram.

In my case it was, half our what was in the bank account that had both our names on, was deemed to be hers- so formed part of her estate, so yes IHT was payable on it

( I was lucky to only have half attributed to her If i am honest)

 

[nitram]

Yes, having a joint account means only half of it is inherited.

This only makes a difference to IHT if half the account takes the estate over the exempt limit of £325k plus £175k of the value of a house passed to direct descendant , £500k total.

The £500k can double if a deceased spouse or partner did not use their full exempt allowance, assets passing to spouse or partner are not included in the £325k

This means a lot of people with descendants as beneficiaries have an exempt total of £1,000,000 of which £350k can only be set against a main residence.

Inheritance Tax: main residence nil-rate band and the existing nil-rate band

www.gov.uk

Having a joint account also means that only half the account would be available to the LA if sadly you had to go into residential care some time in the future.

 

[Jessbow]

Yes, having a joint account means only half of it is inherited.

This only makes a difference to IHT if half the account takes the estate over the exempt limit of £325k plus £175k of the value of a house passed to direct descendant , £500k total.

The £500k can double if a deceased spouse or partner did not use their full exempt allowance, assets passing to spouse or partner are not included in the £325k

This means a lot of people with descendants as beneficiaries have an exempt total of £1,000,000

Inheritance Tax: main residence nil-rate band and the existing nil-rate band

www.gov.uk

Thought the value of the property was included in that 325K Nitram. Probably changed in the past 8 years that I had to do it

 

[Susan11]

Yes, having a joint account means only half of it is inherited.

This only makes a difference to IHT if half the account takes the estate over the exempt limit of £325k plus £175k of the value of a house passed to direct descendant , £500k total.

The £500k can double if a deceased spouse or partner did not use their full exempt allowance, assets passing to spouse or partner are not included in the £325k

This means a lot of people with descendants as beneficiaries have an exempt total of £1,000,000 of which £350k can only be set against a main residence.

Inheritance Tax: main residence nil-rate band and the existing nil-rate band

www.gov.uk

Having a joint account also means that only half the account would be available to the LA if sadly you had to go into residential care some time in the future.

So bear with me. Just as an easy example ... I survive my husband and my house uses all my IHT allowance. I have £200000 above this. I put this into an account with my daughter. So when I die does half the account ie £100000 go directly to my daughter without any IHT being paid? These figures do not in any way apply to me just using them as an example.

 

[nitram]

Yes the main residence exemption started in the 2017-8 tax year

 

[nitram]

Half the joint account is already hers so cannot be inherited, hence not subject to inheritance tax

Going into more detail the transfer of half the account would count as a potentially exempt transfer, again does not matter until the limit is being reached.

 

[Susan11]

Half the joint account is already hers so cannot be inherited, hence not subject to inheritance tax

Going into more detail the transfer of half the account would count as a potentially exempt transfer, again does not matter until the limit is being reached.

Thanks Nitram. If they don't get you with one hand they get you with the other,

 

[Arthurgeorge]

I have found the Nat West bereavement service quite useful. Told them about the bereavement online and got a reference number. Then I rang in, as I hold POA for the next of kin and the joint account which gets complicated.
Spoke to real people and they were patient and helpful.
Sorry for your loss.