What happens to joint assets after someone dies?

This depends upon how the asset was held.

The vast majority of assets will be held as what is known as a joint tenancy. This has nothing to do with actual tenancies (legal terminology can be misleading!).

When one joint tenant (asset owner) dies, the surviving owner(s) inherit the asset by the principle of survivorship. The most common example of this is the matrimonial home and I would guess that roughly 75% of homes in England and Wales are held as a joint tenancy.

It will be a similar story with joint bank accounts. Probate is not required in these circumstances. You can simply send the death certificate to the Land Registry who will remove the name of the deceased joint owner. 

However, the value of the share of the asset owned by the deceased does still form part of their estate for the purposes of inheritance tax and, indeed, it can be taxable (especially if the joint surviving owner was not the spouse).

The other way of holding an asset is a tenancy in common. This can apply to both real property (houses and land etc.) and other assets (bank accounts and shareholdings etc.). It is more commonly used to hold property. It is not always obvious to the lay person how the property is held. There is legal wording on the title document which can easily be identified by a property expert. In these cases, probate may be required (depending upon the value of the asset and of the legal status of the surviving joint owner(s)).

Generally speaking (with regards to a house or other such property), the surviving joint owner can appoint a second Trustee to sell the property which negates the need for a grant of probate. However, if the surviving owner died before the property was sold, probate would be required.

Like most legal matters, the law surrounding jointly owned property is not that simple and expert advice should be sought. Every case is different and depends on individual circumstances.

You can find an Accredited Lifetime Lawyer who can provide advice on your specific situation using the ‘Find a Lawyer’ search tool here.

Andrew is our experienced Private Client Solicitor specialising in the following areas of the law: 

• Probate and estate administration.  
• Lasting Powers of Attorney  
• Applications to the Court of Protection (where someone has already lost mental capacity) 
• Wills  
• Inheritance tax mitigation advice  

Qualifying as a solicitor in 2001, Andrew is a proud Yorkshire lad, having always worked in God’s own country! Andrew was brought up on a suburban farm in Halifax (Happy Valley Country) and in his spare time loves nothing more than joining the Leeds Ramblers on a walk with his little dog, Betty.  

Andrew has consistently been commended by clients for his warmth and empathy. He is a proud member of the Association of Lifetime Lawyers. They are the gold standard when it comes to providing legal advice to vulnerable and older people.  

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