how does the treatment of a joint account differ between iom and sa?
Joint accounts with Nedgroup Investments are held as joint tenancy and a joint holder cannot therefore dispose of his/her share of the joint account by testamentary disposition. Upon the death of one holder the account passes to the surviving joint holder/s, and this may be in conflict with the deceased’s Will. A NIIS application form must be signed by all applicants and where more than one applicant signs, then such signatories will be deemed to be joint applicants and joint holders. In the event of the death of any signatory, probate is not necessary as the transfer of assets happens automatically by survivorship.
