confused.

kiyamr2

Just a query.


My Father spoke to his bank yesterday about what happens to his account after he dies, it's a normal current account, and was told that any money in it would pass directly over to me, and that I would need death certificates etc as proof of his death. I am his daughter, and will be sorting the funeral etc. I will be using the money in the account to pay for the funeral costs.


Is this info correct..or does he need a will stating that any money in his account should come to me?

Keep_pedalling

Not having a will always increases the burden of those left behind, Every adult should have one

Is this the only thing he has to leave you? Banks are usually fine with paying funeral costs but without a will but any residual money left is likely to be more difficult to obtain, whatever the person in the branch told your father.

kiyamr2

Thanks for your prompt response. Nothing else coming my way just contents of his bank account.


It should amount to £6.000 - £10.000

wwl

Most banks will release funds up to about 20K without probate, They will require you to sign an indemnity, and there may be some conditions - in my cases (2 deaths, 3 banks) they wanted to see the will.

In any case I doubt it will be a problem getting them to pay a funeral bill direct to the undertaker, as funeral expenses are the first call on the estate, so there is no doubt as to whether the money should be released.

kiyamr2

The last thing anyone needs is to have a fight with the bank about releasing money after funeral costs have been taken... I think I will err on the side of caution and ask that he sorts a Will out.

Keep_pedalling

One thing he could do is to make his bank account a joint one with yourself, then everything would automatically transfer to you on his death, however that does not cover the possibility that you could die before him, so he should still make a will.

PS, is his current account one paying high interest? If not he should consider moving it.

wwl

Keep_pedalling wrote: »

One thing he could do is to make his bank account a joint one with yourself, then everything would automatically transfer to you on his death, however that does not cover the possibility that you could die before him, so he should still make a will.

PS, is his current account one paying high interest? If not he should consider moving it.

+1 for the joint account - it means that things just keep running after death - the last thing you need to have to deal with is utilities etc. when direct debits stop.

kiyamr2

Thank you all very much for the info.

Savvy_Sue

kiyamr2 wrote: »

Thanks for your prompt response. Nothing else coming my way just contents of his bank account.


It should amount to £6.000 - £10.000

And where are the rest of his worldly goods going?

If he has no will, no surviving spouse, no house or flat, and you're an only child, then even without a will it all comes to you to sort out, but if he intends eg his chess sets to go to someone else, then a will is vital if arguments are to be avoided.

Also the joint account, while useful, can have some drawbacks. For example, if you are in receipt of means-tested benefits then half the contents of that joint account are assessed as yours. If you divorce, ditto. It can get messy.