Just retired, should we open a joint account?

jennifernil

Is that actually legal? (the internet banking bit that is)

My son and his wife eventually found it was too much hassle with so many accounts, plus then they got one of those current account mortgages so having all the money in one account was advantageous.

If you don't want to give up your own accounts then I would think a joint plus 2 individuals is the next best option . And very easy to do.

Even though we operate a joint account as our main one, we do have other accounts individually for savings purposes as it is more tax efficient.

margaretclare

bubblegumcola wrote: »

You could still keep your separate accounts and just set up a joint one which you both pay what you need from your pensions to cover the bills - only use it for bills. My DH and I have separate accounts but it would sense for us to have a joint one for household bills, we used to have a savings account together but closed it ages ago as there was never much in it. If you set up a standing order into a joint account. the only hassle would be changing all your direct debits to the new account but then I think some banks automatically do it for you. Worth enquiring at your bank to see how easy they can make it for you opening a joint account.

This is what we do. The reason: I heard of a woman through CAB (when I used to go there) who was left in a terrible state. Her husband had handled all the finances and everything had been paid from his account. Until his estate went through probate she was basically left with only her own weekly pension, drawn in cash, and she was in a panic getting final demands all over the place.

DH had never been in favour of joint accounts - bad experiences from a previous marriage - but he could see the sense of us having a joint account just for paying household bills. We've done this for about 5 years now and it has worked very well. There's no cheque book or card on that account - it's used purely for the bills.

CLAPTON

using some-ones sole account after death is simply illegal whether or not you have internet access

using a joint account is totally legal and also by-passes probate although not necessarilly inheritance tax (irrelevant if you are actually married however)

so I would suggest that people discuss exactly what would happen on the first death and how bills would be paid until probate is obtained.

It's a bit unfortunate that ISAs can't be held jointly and tax situation sometimes discourages joint savings accounts

st999

using some-ones sole account after death is simply illegal whether or not you have internet access

so is killing someone but it is still done.

My sister still uses her dead husbands current account to pay the bills, she has never bothered to tell the bank he died, but in her case it was her that paid all the bills anyway because he was unemployed when he died and it was her who was making the money.

She just transfers enough into the account every month for the DD. And she doesn't get upset if she gets bills addressed to him.

Saves any hassle as she keeps saying.

I don't think they were getting on when he died though.


It happens a lot nowadays because of internet banking. I deal entirely with my wife's bank accounts over the internet, as long as she has enough money to buy what she wants she couldn't care less that I pretend I am her to the bank.

Stan

CLAPTON

st999 wrote: »

so is killing someone but it is still done.

My sister still uses her dead husbands current account to pay the bills, she has never bothered to tell the bank he died, but in her case it was her that paid all the bills anyway because he was unemployed when he died and it was her who was making the money.

She just transfers enough into the account every month for the DD. And she doesn't get upset if she gets bills addressed to him.

Saves any hassle as she keeps saying.

I don't think they were getting on when he died though.


It happens a lot nowadays because of internet banking. I deal entirely with my wife's bank accounts over the internet, as long as she has enough money to buy what she wants she couldn't care less that I pretend I am her to the bank.

Stan

bizarre...............

Stewed_but_not_pickled

Seems to me that there's a load of advice you've been given and you're head must be spinning!!! I got some totally free advice recently about probate and joint accounts etc from a site called PROBATE-HELPER.CO.UK and they were great and I didn't have to rely on hearsay or people trying to get me to do things that were illegal (like Stan's sister)!

jennifer56

I'm glad I found this forum.

After browsing through this site and visiting entitledto, I have found out that we are entitled to some benefits, even although we now have more disposable income than when my husband worked because we have no mortgage.

And to think I used to moan at my husband because he was putting the max he could into his pension.

Jennifer.