Jointly held assets - such as bank accounts, shares and land and buildings - usually pass to the surviving owner automatically by operation of law regardless of what the Will or the intestacy rules might say. The production of the death certificate is often all that is usually needed for the legal ownership to pass to the survivor. The PRs do not need to be involved in the transfer as no grant of representation needs to be produced.
One exception to this rule is where houses and land are held jointly but as ‘tenants in common’ so that they do not pass automatically to the survivor on death. The deeds to any land or houses will need to be checked to see in what way the property is held.
Complete Guide to Probate
We have prepared a complete guide that is intended as an introduction to probate and estate administration, i.e. the steps that need to be taken to deal with a person’s assets and affairs after he or she has died. To download this guide please complete the webform below.