The distribution of an asset or responsibility of a liability will depend type of ownership.
Sole Ownership #
The ownership of an asset or liability is held in the sole name of the person who has died.
Joint Ownership #
The asset or liability is held jointly another person. This would normally be a house or bank / building society account etc. The ownership proportion will always be 50/50.
Where there is joint ownership, the asset will automatically pass to the other joint owner. There is no requirement for Probate to be granted for the asset to be transferred, However the value of the deceased’s half will still be entered on the Probate from and is part of the estate for Inheritance Tax purposes.
Please Note: When you add an asset or liability you must put the total value of the asset or liability into the value. The deceased share will automatically be calculated and the value attributable to the deceased’s estate.
Tenants in Common #
If an asset is owned as tenant in common this means that the asset can be held in a different proportion than 50/50. As a tenant in common the proportion of the asset owned by the deceased can be Willed to anyone and does not automatically pass to the other tenants in common. Probate is required for the asset to be transferred to the other tenants in common and the proportion of the asset held by the deceased will form part of the estate for Inheritance Tax purposes.
Please Note: When you add an asset or liability you must put the total value of the asset or liability into the value. The deceased share will automatically be calculated and the value attributable to the deceased’s estate.