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Advice needed....... joint accounts
SCOYA
Posts: 207 Forumite
Hi
My parents, who are in their 80’s, have a joint debit account and savings accounts with HSBC. I am concerned that when one or other of them passes away, the remaining spouse will have difficulty accessing money, are my concerns warranted?
Should they each have their own bank account, both debit and/or savings?
Any advice would be most appreciated. Thanks.
My parents, who are in their 80’s, have a joint debit account and savings accounts with HSBC. I am concerned that when one or other of them passes away, the remaining spouse will have difficulty accessing money, are my concerns warranted?
Should they each have their own bank account, both debit and/or savings?
Any advice would be most appreciated. Thanks.
0
Comments
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Your concerns are unwarranted. Just leave things as they are. When one passes, their name is removed from the account. That is all.0
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There would be no problem with the joint accounts. The survivor would be able to continue using the account.
By contrast, if they had individual accounts, the survivor could not easily access the deceased's account, until certain formalities were completed.0
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