Transferring money to long-term partner

Mrs_Z

I'd second a joint account too as a practical way forward if you are worried about popping it in the next 7 years...
"The deceased person may have held money with another person in a joint bank or building society account. Normally this means that the surviving joint owner automatically owns the money. The money does not form part of the deceased person's estate for administration and therefore does not need to be dealt with by the executor or administrator."

Comms69

Mrs_Z said:

I'd second a joint account too as a practical way forward if you are worried about popping it in the next 7 years...
"The deceased person may have held money with another person in a joint bank or building society account. Normally this means that the surviving joint owner automatically owns the money. The money does not form part of the deceased person's estate for administration and therefore does not need to be dealt with by the executor or administrator."

That's not quite that simple. If the money came from a single source as a lump sum it can still form part of the estate.

Sea_Shell

Comms69 said:

Mrs_Z said:

I'd second a joint account too as a practical way forward if you are worried about popping it in the next 7 years...
"The deceased person may have held money with another person in a joint bank or building society account. Normally this means that the surviving joint owner automatically owns the money. The money does not form part of the deceased person's estate for administration and therefore does not need to be dealt with by the executor or administrator."

That's not quite that simple. If the money came from a single source as a lump sum it can still form part of the estate.

I think if you've both added money to a joint account, you can get round that. 

I understand that, yes, if all the money can be traced as being from one person as a lump sum, it's not treated as joint owned, but part of the estate.

Family have fallen foul of this rule.  

leitmotif

Joint account sounds problematic. Getting married isn't any easier. Here's the notice on the site of my local registry office:

'All marriage ceremonies and civil partnership registrations are currently cancelled pending further government guidance'

We'll be getting wills sorted out with a lawyer later today. The main aim, however, was to avoid the consequences to my finances of my bank going bust if the coronavirus crisis takes a bigger toll on the economy than the financial crisis. That can be done by me opening other accounts for myself, but I'd quite like my partner to have some of it.

Comms69

leitmotif said:

Joint account sounds problematic. Getting married isn't any easier. Here's the notice on the site of my local registry office:

'All marriage ceremonies and civil partnership registrations are currently cancelled pending further government guidance'

We'll be getting wills sorted out with a lawyer later today. The main aim, however, was to avoid the consequences to my finances of my bank going bust if the coronavirus crisis takes a bigger toll on the economy than the financial crisis. That can be done by me opening other accounts for myself, but I'd quite like my partner to have some of it.

Stick in it premium bonds if that is the main concern. No limit on those and government guaranteed

Keep_pedalling

Comms69 said:

leitmotif said:

Joint account sounds problematic. Getting married isn't any easier. Here's the notice on the site of my local registry office:

'All marriage ceremonies and civil partnership registrations are currently cancelled pending further government guidance'

We'll be getting wills sorted out with a lawyer later today. The main aim, however, was to avoid the consequences to my finances of my bank going bust if the coronavirus crisis takes a bigger toll on the economy than the financial crisis. That can be done by me opening other accounts for myself, but I'd quite like my partner to have some of it.

Stick in it premium bonds if that is the main concern. No limit on those and government guaranteed

An individual is limited to owning £50k of PBs

Comms69

Keep_pedalling said:

Comms69 said:

leitmotif said:

Joint account sounds problematic. Getting married isn't any easier. Here's the notice on the site of my local registry office:

'All marriage ceremonies and civil partnership registrations are currently cancelled pending further government guidance'

We'll be getting wills sorted out with a lawyer later today. The main aim, however, was to avoid the consequences to my finances of my bank going bust if the coronavirus crisis takes a bigger toll on the economy than the financial crisis. That can be done by me opening other accounts for myself, but I'd quite like my partner to have some of it.

Stick in it premium bonds if that is the main concern. No limit on those and government guaranteed

An individual is limited to owning £50k of PBs

My mistake, im sure that didnt used to be the case.

Archergirl

It may also depend on your reason for doing so, ie depravation of assets.....

leitmotif

I've already got the maximum of £50K of premium bonds, so that's no longer an option.

Malthusian

Other NS&I accounts are available. Up to £1 million can be put into Income Bonds and for most people the return will be higher than Premium Bonds.

(The Premium Bonds prize rate is higher than the Income Bonds interest rate, but in order for a tiny minority of people to get more than the average, most people will get less. So most Premium Bond investors will get significantly less than the advertised 1.4%.)