What happens to jointly held assets at the time of a deceased’s death?

Assets that are jointly held with another party automatically pass to the surviving party upon the death of a deceased.

By way of example, in the case of a married couple who held a joint bank account the monies held in that account would pass to the surviving spouse. The surviving spouse would need to take a copy of the deceased’s death registration, which can take up to a month to receive, to their bank and advise them of the deceased’s passing. The bank will then undertake the necessary processes to remove the deceased from the account and the account name and funds in the account will solely belong to the surviving spouse.

In respect to any property held jointly between a married couple the property would need to be legally transferred to the surviving spouse. The surviving spouse would need to engage a lawyer to assist in this regard. The lawyer would attend to a Survivorship Application on behalf of the surviving spouse. In order for this to occur the lawyer would need to be provided with the original Death Certificate and Certificate of Title (if no mortgage is held over the property) as well as appropriate identification from the surviving spouse.

Household chattels and personal belongings acquired also usually pass to the surviving spouse at the time of the deceased’s death unless there is specific provision in their Will directing otherwise.

Disclaimer: The advice provided in this article is of a general nature only and you should always seek legal advice relevant to your own circumstances.