transfering money on death

robotrobo

hi.
most of our money my wife has is in her accounts , her name ,because she is a non tax payer.
my question is please , when the inevitable happens (death) will my wife be able to transfer all my money in to her accounts and close the accounts that i hold?, i want this to happen , will it be ok to do this?,it sounds the easiest way to me !, and who will know about it anyhow?.:A

i mean transfering the online banking accounts only

colsten

It's best if you both make wills. You can DIY them but might be better if you see a Solicitor.

le_loup

robotrobo wrote: »

my question is please , when the inevitable happens (death) will my wife be able to transfer all my money in to her accounts and close the accounts that i hold?, i want this to happen , will it be ok to do this?,it sounds the easiest way to me !, and who will know about it anyhow?

The bank will know that your account has been accessed after the date of death by someone who is dead! Will that flag up fraud? Do it properly. The money in your account will be distributed by the bank in accordance with probate.

Vortigern

robotrobo wrote: »

my question is please , when the inevitable happens (death) will my wife be able to transfer all my money in to her accounts and close the accounts that i hold?

If you're suggesting that the survivor might operate the deceased's online bank account, you're on dodgy ground.

A married couple's joint account passes automatically to the survivor,regardless of any will, so you should have a joint account for your household bills.

Deal with the savings in the proper fashion after probate has been obtained.

[Deleted User]

I have recently gone through transfer of single accounts after my husbands death. It takes about 8+ weeks if the estate is simple and you are the sole benefactor and executor. You would need to first obtain grant of probate after filling in some lengthy forms. We both had wills professionally drawn up, simple back to back wills. The wills were absolutely central to probate going smoothly

I would definitely hold a sum in a joint account as this was easily accessible after death

I would also advise each holding a credit card as the credit card closes with death and this would also apply to a named holder as well, I made sure that my husband and I each had our own cc

xylophone

you are the sole benefactor

Beneficiary

As others have said, a joint account for all household bills would be wise.

If the house is owned as joint tenants it will pass to the survivor regardless of any will.

You should each make a will to deal with your individual assets.