Savings Joint Accts, Probate & Power of Attorny

chickmug

Why is it that some of the better interest rate accounts do not allow Joint Accounts?

But if we split our savings amount between us (as husband & wife) and one of us dies it gets dealt with under Probate. I have known probate take a very long time but am I right in thinking there are some exceptions that may help in this problem - re savings?

Or is it possible to have some from of paperwork drawn up to get round probate?

Jake'sGran

chickmug wrote: »

Why is it that some of the better interest rate accounts do not allow Joint Accounts?

But if we split our savings amount between us (as husband & wife) and one of us dies it gets dealt with under Probate. I have known probate take a very long time but am I right in thinking there are some exceptions that may help in this problem - re savings?

Or is it possible to have some from of paperwork drawn up to get round probate?

Don't really understand your post. Have you not each made a will?. We have never had joint accounts. I just copied this article about probate to show that it is a process that occurs whether you have joint accounts or not and whether you have a will or not.
What does probate mean?

The term “probate” is associated with estate planning and describes the legal process by which a decedent’s will is processed by a special court. An executor of the estate is named to handle the decedent’s affairs and administer the estate throughout the probate process. Assets that are distributed under a will (or all assets in the absence of a will or other ownership forms) go through this process and are “subject to probate.” Assets, whose distribution do not pass through a will, such as jointly owned property, life insurance (with properly selected beneficiaries) or those owned through a properly established revocable living trust are usually not subject to probate.

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Please explain what your worry is about the assets of one of you if either should die. And, how does not having a joint account come into it.

chickmug

Hi Jake'sGran

I sure is being thick - yes we have wills so problem sorted but many thanks for helping. The same to sloughflint.