can I access my husbands ISA?

sunnygal

What I want to know is if a husband and wife have ISA's and of them was incapacitated in some way would the other person be able to access the ISA?

This has come up as my friend and her husband both have ISA's. they had jointly saved the money in both accounts. The wife has became very ill and is unconscious in hospital. The husband wants to access her ISA to withdraw money to enable him to help pay for private medical care. He was told he couldn't do this as his wife was still alive and therefore he wasn't able to use the money in her ISA (she has more money in her account than he did as they had been to Australia just before she came ill and he had used money from his ISA).

As they have left the money to each other in their wills, if she had died he would have been able to use the money but as she is still alive he can't.

He is very distressed and upset about this. does anyone know of any way around it?

Thanks.

RayWolfe

Only if there is a Power of Attorney in place.

glider3560

The only way to get round this would be to get power of attorney.

LittleVoice

If the incapacity were to be considered permanent, then application could be made, I believe, to the Court of Protection in order to access funds to be used for the benefit of the person who is no longer in a position to have charge of their own affairs.

Baggysdad

He certainly can't access his wifes accounts - its not his money.

A Lasting Power of Attorney would have been the solution, but while she is unconscious she won't be able to sign it - so that's a non starter

His only option is to apply to the Court of Protection to be appointed as her deputy, then he will be able to manage her money.

Information here:

http://www.publicguardian.gov.uk/decisions/asking.htm


But its not a quick or easy process. Which is why a Lasting Power of Attorney is an insurance policy which everyone should have.

sunnygal

Thankyou everyone for your input. There seems little that can be done to help my friend and his wife. I think everyone should consider the power of attorney as you never know what will happen.

Primrose

This does emphasise the importance of husband and wife having a Power of Attorney drawn up for each other, even when they are fit and well. None of us knows what lies around the corner for us, healthwise, , and even if most marital savings are held in joint names so that they can be accessible by either partner, ISA allowances, which can build up over the years, will always be in individual names and not accessible by a partner, so it does make sense to for all married couples to draw up Power of Attorney for each other as a sensible emergency fall-back position.