Back to After Bereavement
Module 3 of 6
Joint Accounts and Assets
Managing jointly held bank accounts, property, and other shared assets.
15 min read
Joint Accounts and Assets
Managing jointly held assets after bereavement involves specific procedures. This module explains what happens to joint accounts and property.
Joint Bank Accounts
For accounts held as "joint tenants":
- The surviving holder automatically inherits
- The bank will convert to a sole account
- You can continue using the account
Sole Accounts
For accounts in only your partner's name:
- These become part of the estate
- A grant of probate may be needed
- Banks have thresholds for releasing funds without probate
Property Ownership
Joint Tenants
- The property automatically passes to you
- No probate needed for the property itself
- Notify the Land Registry
Tenants in Common
- Your partner's share passes according to their will
- Probate will be needed
- You may need to buy out other beneficiaries
Mortgages
Contact your mortgage lender to:
- Notify them of the death
- Transfer the mortgage to your name
- Discuss payment options if needed
- Check for life insurance that pays off the mortgage
Tip: Most lenders will be understanding and offer payment holidays if you need time.