Q: My uncle has no will.
He does not own property but does have some money in the bank. I am on his bank accounts. Does the money automatically become mine if he passes?
A: It will depend upon whether you simply have signing power or if the account is a joint account. If it is a joint account, the money will become yours. If it is not a joint account, an estate will clearly have to be opened, and you will need a lawyer. If you check with the bank, they will tell you the type of account it is.
You will have to pay inheritance tax on at least half the account if this is a joint account. I believe, without double checking, that the rate is 12%. You also may have to open an estate. You need to check with a lawyer to see if that is necessary.
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