Hopeful a simple question.
My wife and I have a joint current and saving account with the Nationwide. When I die would the money in these account count towards my estate?
Total amount in both accounts varies between about £2500 and £1000.
ETA I have no life insurance.
Many thanks in advance,
Steve
Thanks for your question Beadle1
Bank accounts that are held in joint names are usually set-up so that when one of the account holders dies, the money is automatically passed on to the other person but in some circumstances may count towards any Inheritance Tax calculations. There is no Inheritance Tax to pay though between husband and wife.
For more information on what happens to money in a joint account when a joint account holder dies, please read this link.
I hope this helps answer your question, you can call us on 0808 808 0000 if you’d like to discuss it further. The Financial Guides are here Mon-Fri 8am-6pm.
James
Financial Guide
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