Joint bank account with elderly parent

[HolidayHun2020]

Hello,

Appreciate I may need to consult a solicitor but looking for some advice in the meantime. Mum has Parkinson’s which is advancing very quickly and I think we may have missed the boat on power of attorney or a will - she just isn’t totally in his right mind all of the time, especially with finances (giving to lots of charities, gifting one child but not the others - very unlike her, withdrawing large quantities of cash) I am a joint account holder on her main account- if mum were to pass away without a will what happens? I know her wishes and would abide by those but there are potentially other family members who she wouldn’t want to leave anything to making a bid for anything they could get if this is an option.

Thanks!

Is it all ‘her’ money in the account? I may be wrong but my understanding was that joint accounts are held with the right of survivorship i.e. surviving account holder becomes the sole account holder. Did you do anything specific to waive this? If not, all the money in the account is yours and it doesn’t form part of your mothers estate.

If she didn’t leave a will then the rules of intestacy apply. Her wishes (if they’ve just been given to you verbally) will not count for anything. If you apply to act as administrator for her estate (and are accepted), you have to follow the rules of distribution that apply - not your mums wishes. This is why wills are important.

do you have siblings? I’m assuming your mother is widowed or divorced.

Btw it’s possible to get wills etc signed when capacity is coming and going. The important thing seems to be whether she understands at the time of signing - not five minutes later 🤷‍♀️

It’s not too late for POA or a will.

I have joint accounts with my mum who is perfectly well but just to make things easier and it would revert to an account on your name after death is what we have been told unless she was trying to avoid care home fees tax etc on a considerable amount of money.

Being on the joint account is handy but has nothing to do with what happens to her assets after her death.
Either she has a will (recommended and can be arranged pretty quickly) or it is distributed according to intestacy rules (look them up on gov.uk). You knowing her wishes is meaningless.