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Joint bank accounts

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queries | 11:52 Fri 24th Feb 2012 | Personal Finance
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On a joint bank account - if one person dies is the account frozen or does it just carry on as normal with the other named person as the only account holder?

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It just carries on as normal I believe.
It carries on as normal, (if it is a joint and several account,i.e. only one signature required) If it is a joint account and two signatures are required then it will be frozen.
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That is what I thought, but someone told me different! Would anyone know if this would be a better option for an elderly parent rather than going for power of attorney? The parent in question is elderly but in good health but from previous experience it would make things easier when dealing with things when they pass on - I know this sounds grisly but its something that has to be thought about!
It's not unknown for banks to freeze accounts mistakenly.

As to your other question - Power of Attorney lapses on death and the attorney can no longer act legally.

Joint accounts in the circumstances mentioned are also a bit of a legal nightmare. OK until something goes wrong which - a lot of the time - it won't.

Ask yourself who owns the joint account after death? And could other relatives wrongly (or even rightly) interpret it as you running off with the parent's money?
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There aren't any other relatives - its a question of having access to monies that will be needed - I will go into the Bank to see what they say - thank you though

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