Restricted joint account

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
8 replies 2K views
simonalisimonali Forumite
10 Posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
I need to open a bank account with my brother with money left from our mother's will that is to be used for upkeep of the house she left and in which my father currently resides. There are a few issues in that my father is incapable of being in charge of this money himself because of dementia, but I also don't fully trust my brother not to dip into the funds within the proposed account whenever he's a bit short of cash, which he always seems to be. As we're both executors of the will, it seems only right that it should be a joint account, but how can I be sure that household bills and repairs are the only outgoings from it?

Also, what if my brother were to have a poor credit rating? Would opening a joint account with someone with a poor rating have an effect on my own, or does it not work like that?

Replies

  • eskbankereskbanker Forumite
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    Whose money is it? If it's your father's, the account should be in his name, with you (and possibly brother as well) signed up with power of attorney to manage it for him if he can't....

    If the money is yours and your brother's then yes, a joint current account would indeed establish a financial association between you, so not a good idea if you're concerned about his credit status.
  • simonalisimonali Forumite
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    The money is from bank accounts that were in my mother's name so I can only assume that it was hers and now isn't? The will stated that any money left over from these accounts after funeral costs was to be used for the upkeep of the house. I can't really add much more because I was never all that close to my parents, both emotionally and physically (I live about 100 miles from the house in question) and have no clue about their financial situation before my mum's death.
  • agrinnallagrinnall
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    simonali wrote: »
    The will stated that any money left over from these accounts after funeral costs was to be used for the upkeep of the house.

    Has the will gone to probate? Because that makes little sense, the money has to go to someone by the terms of the will. I suggest that you speak to a solicitor who can interpret the will correctly if you're unable to understand where the money should now be.
  • Ben8282Ben8282
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    So what you are saying is that your mother left this money for the purpose of 'upkeep of the house'. She did not leave it to your father, your brother or you, but instead left the money for this sole specified purpose. Did your mother receive professional assistance when she made this will?
    Just out of curiosity, who now actually owns this house?
    If you and your brother do open a joint account, there is very little you can do to restrict his access to it as it will be a joint account. Furthermore, the opening of such an account will create a financial link between you and your brother, which could cause problems for you if his is credit rating is really bad.
    Another point to consider is who decides how the money is to be spent on this 'upkeep'. Who decides if a particular expense is justified and is to be allowed or not?
  • xylophonexylophone Forumite
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    Do you have PoA for your father?

    Your mother's will was professionally drafted?

    Was the house in her sole ownership?

    Has the house actually been left to your and your brother but with a life interest to your father?

    What exactly does the will say?

    The likelihood is that the money for the upkeep of the property actually forms part of the assets of the Trust and should be held in a Trust Account.

    Take professional advice.
  • macmanmacman Forumite
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    If not already in place, it's now too late for the OP to get a POA, as father can no longer consent to it.
    The job of the executor is solely to realise the assets of the estate: to pay any debts and distribute it according to the terms of the will. That doesn't necessarily give you the right to manage your father's financial affairs in the future at all.
    As above, you need to take legal advice first as a priority.
    No free lunch, and no free laptop ;)
  • agrinnallagrinnall
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    macman wrote: »
    If not already in place, it's now too late for the OP to get a POA, as father can no longer consent to it.

    It's not too late, it's just that it's a far more involved and costly process now.
  • Keep_pedallingKeep_pedalling Forumite
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    If the will really does say this then it is invalid and intestacy rules should apply, which assuming her estate was below £250k it will still all go to her husband.

    If you don't have PoA, then you should apply to the courts for deputyship.

    https://www.gov.uk/become-deputy/overview

    Having to provide annual reports to the court, should be a big disincentive for your brother to steal from the fund.
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