If the worst happens. How do my family get my Money?

riverboat2001

Not planning to go for many years, but if the worst should happen, how could my partner get all the money that is spread around, all in my name?

I have premium bonds, and money with Zopa, Ratesetter, Funding Circle.

Is it all straight forward, or are there lots of hoops for him to jump through?
We made wills a few years ago, nothing much has changed except we have a little bit of money, which we didn't have when the wills were made.

I want him to be able to get it without any stress, so is there anyway i could make it easier?

dunstonh

how could my partner get all the money

The use of the word partner suggests you are not married. So, that is your first hurdle. You need to make sure your Will is up to date and correct as unmarried couples do not automatically inherit their partners wealth.

I have premium bonds, and money with Zopa, Ratesetter, Funding Circle.

Death certificate posted in and a claims form completed. The paperwork level will vary with providers but the same principle applies.

I want him to be able to get it without any stress, so is there anyway i could make it easier?

Give it all to him and make sure he dies first.

Keeping your Will current is the key thing. Consider getting married if you want to make it a bit easier. In respect of pensions, some types of pensions will only pay to spouse/civil partner.

atush

get married. And if you have a pension (and you should) fill in their expressions of wishes form.

Do you own a property? In joint names or just yours? They won't inherit this or your other assets unless you have a will (and could have to pay inheritance tax as you arent married)

Dunnit

1. You need to check your wills. You need to ensure that only "nothing much" has changed.
2. You need to ensure that you have appointed only your partner as the executor.
3. You need to document the companies, their administration addresses and your reference numbers in a spreadsheet/file that you have accounts/money/psb etc.
4. You need to file all the relevant share certificates, bonds etc in an accessible folder.
5. Where possible/practical you can use joint accounts where the successor retains the money.

riverboat2001

Thanks for the replies. Decided we will get married, probably next year, as we will have been together 20 years, so it should last!
We do own the house, and that was all sorted in the will, we are both executors.
Good company pensions, expression of wish, all done.

Do i need to go back to the original Solicitors, or can i take our existing will to a new one, and have any changes that we want made done?

As for the filing, it's already done, and he roughly knows whats where. it would just be a matter of him getting it.

atush

If you like your solicitor, use him- it woud be easiest.

And congrats! now you can swap assets w/o CGT to pay, and save tax using PA.

riverboat2001

Solicitor is miles away, and was done for a good price because my Mum had worked there for almost 30 years.

atush

So you can call him? get him to make the changes then send it out to you? As long as you have witnesses.

Or get a new one if you prefer, it is up to you really.

Freecall

Posted by dunstonh at 5:20 PM

dunstonh wrote: »

The use of the word partner suggests you are not married.

Posted by riverboat2001 at 5:38 PM

riverboat2001 wrote: »

Thanks for the replies. Decided we will get married

Please tell me that these two posts are not causally related.

Just 18 minutes apart!

While dunstonh's financial knowledge is comprehensive, credentials for professional relationship advice have yet to be established.

bugslet

Early congratulations on getting married:D.

My OH and I were unmarried for 29 years. When he died, it was actually very straightforward due to us both having prepared beforehand with wills, Power of Attorneys and both of us being familiar with the others financial affairs, so it is do-able, should the worst happen.

Full disclosure - house was in my name only anyway and ( dunston, atush et al - look away), he didn't have a pension. Sooo not a rich widow:p

atush

Freecall wrote: »

Posted by dunstonh at 5:20 PM



Posted by riverboat2001 at 5:38 PM


Please tell me that these two posts are not causally related.

Just 18 minutes apart!

While dunstonh's financial knowledge is comprehensive, credentials for professional relationship advice have yet to be established.

And I told them to get married too. And no it isn't causal.

But sometimes people dont know (or forget) that marriage is a contract and comes with lots of good stuff tax and legal wise. That can save time, effort and heartbreak later.

Seen non married couples with the house in his name, he dies and she gets nowt. His family (ie parents and siblings) do.