How families can avoid fighting over money in joint bank accounts

Most people open joint bank accounts for the convenience of having other people to help manage the funds, but doing so can result in disputes if you are not careful in your planning.

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For instance, if you have a joint account with an unmarried partner or a friend, you can make it clear in your will that you intend to give the money to this person if this is your wish.

Such a step is necessary because the surviving account owner could have a tough time keeping the money if there is a contest from your relatives.

Similarly, if you open a joint account with a close relative out of convenience but you want your other relatives to benefit from your money, you should also state so clearly in your will.

Without any proof of your last wishes, a surviving account holder can end up owning the balance because the legal presumption that you had gifted the money to the joint account holder often works in favour of close relatives.

In cases of joint accounts involving spouses and parents with their children, there is an automatic “presumption of advancement”, that the main account holder intended for the money to be given to the other party in the event of death.