Claiming savings from bank after relative's death.

MarvellousPierre

Hello!
My father is currently very ill. He took out a policy/savings for for my daughter as she grew up that was accessible to her when she turned 18 (she is now mid 20's). The subject never arose and of course it's not something we wish to broach now. We are looking for guidance in what to do about this policy after he passes. We don't believe it's a huge amount and that isn't the issue anyway, we just want to make sure my daughter receives it (as that what he wanted when he took it out) and that the building society don't hang on to it. We know which building society and have the account details.

Looking for a steer for when the time comes.
Thanks all.

eskbanker

If it was accessible to her at 18 then surely it'll still be accessible to her now?  It's not really clear exactly what sort of 'policy/savings' this is but the building society won't be able to hang onto it....

macman

If it's in his name, then it will form part of the estate. If he has a will, it will go to whoever is specified. If he is intestate, then it must be passed on according to the laws of intestacy. Does he have a wife? Do you have siblings? If so, they inherit before grandchildren do so.
As above, is this a child savings account in her name, or an adult one in his?
Sadly, if its been in the same building society zombie account for all those years, then it's probably earned nearly nothing in interest. 

dunstonh

He took out a policy/savings for for my daughter as she grew up that was accessible to her when she turned 18 (she is now mid 20's).

Was it a policy or was it a savings account?  (policy being issued by an insurer and savings being issued by a bank or building society). It would help to clear that up as what you do varies.

xylophone

He took out a policy/savings for for my daughter as she grew up that was accessible to her when she turned 18 (she is now mid 20's). 

A policy?  Do you mean that she is the named beneficiary of an insurance policy?

Or a savings account in her name held in bare trust?

Or an account in his name which he intended to empty when she turned 18 and give her the proceeds?

MarvellousPierre

Hi all,
Thank you for all the feedback and nudging me about the missing info. It's definitely in HER name and I believe it's a savings account. I believe he was putting sums in and it was accessible when she turned 18. He did the same for my nieces, I've since discovered...

xylophone

 I believe he was putting sums in and it was accessible when she turned 18. 

If this is a savings account held in bare trust, then your daughter is the beneficial owner and did have the right to call for access and control at the age of 18.

That said, the financial institution would have required the Trustee to take steps to hand over the account to the beneficiary.

If you are reluctant to broach the matter with your FIL, then you will need to ask his executor to deal with the matter in due course.

colsten

MarvellousPierre said:

Hi all,
Thank you for all the feedback and nudging me about the missing info. It's definitely in HER name and I believe it's a savings account. I believe he was putting sums in and it was accessible when she turned 18. He did the same for my nieces, I've since discovered...

So there is no problem then with your daughtet’s account. It became accessible when she turned 18, and still is.

The fact that her cousins also have accounts in their names has no bearing on your daughter’s account.

MarvellousPierre

Thanks all. So when he passes, if the matter hasn't been discussed prior, she can approach the building society armed with suitable ID and documents etc, to get access to the account? To reiterate, it is in her name.

alittlelife

If it’s in her name she could do it any time. 

colsten

MarvellousPierre said:

Thanks all. So when he passes, if the matter hasn't been discussed prior, she can approach the building society armed with suitable ID and documents etc, to get access to the account? To reiterate, it is in her name.

If the account is in her name, it has been her's to do with as she pleases ever since she turned 18. She might choose not to touch the account until he has passed. It's entirely her decision, nobody else's.