Simple will but assets not joint

Savvy_Sue

the quickest thing to do is probably to add your mother to one of your accounts, but bear in mind what Mojisola says above. also long-term, are you likely to be her sole beneficiary? if you are, it makes very good sense. 

If you have an account with anywhere she already has savings, that's likely to be the fastest route, because she is already 'known' to them and will not need to prove her identity. 

SaintAlf

Mojisola said:

There is also the option of being a signatory on an account in your Mum's name - that would allow you to manage the account without having any ownership over it.

Thanks - wondering about the pros and cons of being a signatory versus it being a joint account.  If something were to happen to my mum I'm a joint beneficiary in the will.  I'm not currently receiving means tested benefits so that's not an issue for a joint account but I'm wondering if there are any tax implications.  Or an other pros and cons of either approach.  Adding her to my current account doesn't feel right for me.

xylophone

My relative had a bog standard non interest paying joint account with his relative long before he had any cause to bring  his  PoA  for her into effect.
Only money belonging to her ever went into it and any payments out of it were only those relating to her needs and wants.
She might consider having her pension(s) etc paid into this account and having all her DDs and SOs paid from it.
It should more or less run itself but you /she could check using online banking.
Is there a computer in the house which you can show her how to use?

SaintAlf

Thanks for the advice.  I managed to get through to someone from the bank's Power of Attorney team, his official recommendation was to get PoA as even with a joint account one cannot change the details (address etc) of the other person on the account, whereas PoA grants the right to do everything on the account.  Unfortunately it seems that the direct debits etc cannot be transferred from his current account when it is closed which will be a pain.

Given the difficulty in doing anything at the moment and the likely weeks it will take to set up PoA I'm not planning on being in a rush to close my father's current account.  So far I've applied online and was accepted for a current account for my mum.

xylophone

My relative had PoA but did not need to exercise it for many years after the joint account was set up as the donor was perfectly capable of running her bank account - it was just a case of its being very convenient for him to do her shopping/on line ordering/tax payments etc.

It takes a while to sort out PoA so the joint account you have opened is a sensible  interim  measure.
If the bank accounts were in your father's sole name, then you should no longer access them - presumably the bank has advised you of this?

With regard to the DDs, in so far as they relate to payments your mother will need to make, you /she can contact the utilities etc and explain that your father has died - they will be able to explain what to do .

SaintAlf

@xylophone Thanks...I got through to the bank on their chat service this time, which they appear to have improved over the last couple of days, and they suggested a joint account as the most expedient approach given various other challenges.  I can now see the new joint account via my online access so that's good.  Thanks for your practical advice.

FYI, another suggestion from my employee advisory service was to set up an executor's account but as far as I can tell that's not necessarliy straightforward or quick.

xylophone

FYI, another suggestion from my employee advisory service was to set up an executor's account but as far as I can tell that's not necessarliy straightforward or quick.

In my relative's case, as he was also sole executor  of the donor of  the PoA and had a number of bequests to pay, he knew that he would need an exor account.

He had to wait until probate was granted and make an appointment at the bank - in this case it was Barclays - the simplest solution as the deceased's bank account was there.

Once the appointment was made and kept,  opening the account was no problem and it was very quickly up and running.

In your case however, I am not sure that you would need an exor account as all your late father's savings and shares are to go to your mother.

As has been said previously, you will certainly  need to obtain probate in order to arrange for the transfer of the marital home into your mother's name and to deal with the shares.

What have the banks/savings providers said about allowing money to be transferred to your mother pre probate?

xylophone

Incidentally, even if the bank will not release funds  to you/your mother pre probate, the funeral director can present his bill to the bank for  immediate payment from the deceased's account.