Can I open a joint account with my adult daughter?

xylophone

my dad gave me access to one of his existing HSBC accounts this week. The form we filled in allowed mix and match of various options, signing cheques, telephone banking and use of bank card and pin. No need for a new account.

But in the event of his death?

missile

brianpals wrote: »

Thanks to you all for your very quick responses.

I'm off to my voluntary work soon so I'll have to check them all out better later.

However, in quick reply to some of you and to enlighten you further:

• I do have a will
• Wouldn't giving my daugher access to my current online accounts after my death be negated by all accounts being frozen until my estate has been sorted (counted)?
• I don't really feel a need to give her access to my account before my death.
• This daughter is the older of two, but more local and subsequently in a better position to get me incinerated :-)
• Do you know the best bank accounts for this (we both have full ISAs)?

Thanks once again

Brian

She would be able to access your accounts up until she informs bank you are dead. Not in accordance with T&Cs but when you are dead would you care?
I struggled to find a solution to providing access for my wife to our spanish accounts after my death. In spain a joint account is frozen on death of either account holder which is ........ inconvenient.
To avoid upsetting younger daughter, you could set up a joint account with BOTH daughters.
It would help if you said why she needed funds? If it is for funeral etc, this should not be an issue. Funeral homes, solicitors etc are acquainted will wait until funds are available. You could prepay these costs if you wish to make it easier for your dependants.

Macca83_2

A joint current account is not usually frozen on the death of an account holder even when the bank is informed. This is usually because the bank does not want to cause further distress at not allowing the sole survivor access to funds for everyday bills and expenses. But as a few others have said, if you present the bank with a funeral bill they Will release funds promptly.

xylophone

This example might help.
http://www.cheltglos.co.uk/export/sites/consumer/documents/CGP_6640_Joint_Ac.pdf

beecher2

I had this discussion with my parent, and we decided that it would be simpler to just transfer some money over to my account to deal with all the extras which will have to be paid, since my Power of Attorney will cease at this point.

xylophone

I had this discussion with my parent, and we decided that it would be simpler to just transfer some money over to my account to deal with all the extras which will have to be paid, since my Power of Attorney will cease at this point.

This will count as a gift for IHT purposes. http://www.hmrc.gov.uk/inheritancetax/intro/basics.htm

brianpals

Once again I am very impressed by so many responses to my query.

It's peculiar that I thought I'd given all of the relevant information but some of you caught me out! Yes, it is for funeral expenses.

Another couple of points that may help:

• My younger daughter is totally OK with this idea
• My estate will not be large enough to incurr inheritance tax unless I win something on a lottery etc.

Thanks, once again

Brian