Advice needed

[nilagin]

My sister and I have some joint held savings and investments with our recently deceased Dad. Do these accounts remain useable or are they frozen until a solicitor sorts everything out for us as My Dad never left a Will. Also will inheritance tax be payable on these accounts. I realise there is a threshold of £285,000 before the inheritance tax starts. Ive tried searching google but can't find any conclusive answers.

 

[GfK]

Its a grey area, I think.

The accounts should be still usable if they're in joint names, but a solicitor may want to see details of bank accounts held and it might cause problems if the accounts have been used after your dad passed away.

The fact that you're asking tells me that you're already thinking along similar lines.

I'd take pro advice on this one if I were you.

 

[nilagin]

Its a grey area, I think.

The accounts should be still usable if they're in joint names, but a solicitor may want to see details of bank accounts held and it might cause problems if the accounts have been used after your dad passed away.

The fact that you're asking tells me that you're already thinking along similar lines.

I'd take pro advice on this one if I were you.

The accounts haven't been used since his death, but from what I've read on different sites the access to these accounts isn't clear. All my Dad's finances were held jointly with my sister and myself, but his house is solely in my Dad's name which will incurr the Inheritence tax.

 

[dazzajl]

are they frozen until a solicitor sorts everything out for us

Nope, you can do whatever you like with any of his assets that you dont need deeds changed to to take control of if your the exec, or nearest living relative in the absence of a will.

The solicitor will deal with the estate for tax purposes as it stood at the time of death, regardless of anything you do in the meantime.

..........

sympathies too of course.

 

[nilagin]

Nope, you can do whatever you like with any of his assets that you dont need deeds changed to to take control of if your the exec, or nearest living relative in the absence of a will.

The solicitor will deal with the estate for tax purposes as it stood at the time of death, regardless of anything you do in the meantime.

..........

sympathies too of course.

Thanks for advice and sympathies.