Death and Joint Accounts

egarobar

Hi,

I have been worrying about the future - and what is going to happen when I die - and it has come to mind that I have numerous accounts in my name, which my wife will have to transfer to her name if I die first. I have tried with some of them to put them in joint names, but most of them won't allow it. And of course it will be a great hassle at the worst time for her. I have found a website called Settld which claims to be able to do transfers for you, but I don't know if they are reliable - have you heard of them? But what I want best of all is for companies to allow joint names. I think that for utilities, for example, it makes perfect sense, and it's crazy for them to forbid it for couples in our situation. Would anyone be interested in commenting? Any suggestions?

Many thanks in advance.

Keep_pedalling

I have no experience of Settld so can’t comment on them, but I am aware that most utility companies will only put a contract in a sole name. The reason has something to do with the credit checks that are run. Switching them over after the account holder dies is not particularly difficult, but it will be easier if all current payments are going out of a joint account rather than a sole one.

Some financial products can’t be  joint such as ISAs and SiPPs, but as long as the day to day accounts are then your wife will not be faced with any immediate difficulties when you die.

It is good that you are thinking about this in planning in advance, but your number one priorities (if not already done) should be to make sure you both have up to date wills and lasting powers of attorney (LPA) in place. The later is important should you become incapacitated through accident or illness, which is likely to leave her in a worse position, as far as handling financial issues, than your death would, as without an LPA in place the financial institutions and utility companies would not deal with her unless she obtained deputyship though the courts.

Do you have adult children who can act as executors and attorneys? 

mobileron

U could change some of these companies to new ones in joint names, what type of accounts are they for reference.

p00hsticks

Personally we do have some of the utilities in joint names - I wasn't aware that most didn't allow it.

Having had to deal with a bereavement recently, I found it quite straight forward to stop or transfer the utiities, especially with the large companies that have specialist bereavement contacts. The hardest bit was identifying exactly which companies they are - in these days of paperless billing, there isn't necessarily much paperwork to work through.

Having had a quick look at the 'Settld' service, it sounds like they need a list of all the relevant services etc plus proof of id. 

I'd suggest the best thing you could do now is pull together and maintain a list of all the relevant utilities / companies, along with the  appropriate customer reference numbers and contact details etc.Then in the event of your death your wife could choose to either pass it to Settld or to contact the companies directly as she wished. Just make sure this information is all to hand and up-to-date. Obviously you know your wife better than any of us, but in the face of a bereavement, bear in mind that some people find that having things to do in the days following the death is helpful for them.

getmore4less

egarobar said:

Hi,

I have been worrying about the future - and what is going to happen when I die

<Snip>
............
</snip>


 Any suggestions?

Many thanks in advance.

Have a practice run now and see how you get on.

Pretend you died yesterday and get the person that is left that will be dealing with your estate to have a go.

Every time they ask for help that's one thing you need to sort out and document.

In most cases a good list of everything with some idea how to get in touch with the institution.


IHT205 is a good start for the tax side of things
The inventory and account of your estate would have most things on it as things like utilities need documenting with closing balances


Generally there is no point in getting(paying) someone else you end up doing all the work anyway.

Once you have done it with a person close to you do it again in case you both dies , ge the person who will be doing it then to have a go or at least tell them their starting point.

TBagpuss

It's not always easy to have utility accounts in joint names but what you can do is:

1. Make sure that you have a joint *bank* account and that the standing order/direct debit payments are paid from that - that way, the bank account will still be open and accessible and your wife would then be able to update the account with the utility companies in her own time

2. check whether you can authorise someone else to speak to the company - you may be able to have them out on their records that you authorise them to provide information to and liaise with your wife as well as with you - that may make it easier for her both in the event of your death, and in the event of you being ill or otherwise incapacitated

3. Keep an up to date list of which companies you have the accounts with, and the account number so she knows who to contact if and when necessary. I'd suggest including things like insurance as well, - you might want to have a general file where you also keep information about things like when annual renewals happen,. Obviously make sure that you and your wife both know where this information is kept! 

4. Bear in mind  that accounts in your sole name will be frozen as soon as the bank is notified that you have died, so if you don't already, ensure that there is a joint account with some savings in or immediate expenses - also, normally your salary or pensions would stop on your death, and even if your wife is entitled to a surviving spouse's pension that might not start immediately, so ideally try to ensure that if something happened to either of you, there would be enough in joint accounts to enable the survivor to cover normal outgoings for at least a couple of months .

p00hsticks

getmore4less said:

Have a practice run now and see how you get on.

Pretend you died yesterday and get the person that is left that will be dealing with your estate to have a go.

I'm not sure that this idea is practical - you can't really 'have a go' at contacting a bank or utility company (or this 'Settld' organisation) and pretending to get them to transfer the accounts over into your name, and until you do you won't necessarily realise what hoops (if any) they will expect you to jump through. Better to make sure over the next year or so, as insurance comes up for renewal, requests for annual subscriptions go out etc, direct debits go out etc, that each party ensures that the other knows about it and it's documented on a list somewhere.

And for the more internet savvy - think about ensuring you can each get into each other's phones / e-mail accounts if necessary to get contact details and monitor any incoming notifications of DD's etc that you weren't aware of.

getmore4less

You don't have to do the try to change just work out what there is.

You are  at the who supplies our electricity and gas stage.

Where is all our money kept

What are the contact details for each organisation ( where do I need to look)

Can I find an address or phone number
You don't have to actually phone.

Etc.

Its more a what is the current inventory.

Mojisola

AgeUK do a Lifebook which may help you to work through what information you need to gather.

It's the kind of thing that needs a regular review and updating.

www.ageuk.org.uk/globalassets/age-uk/media/legacy/id204608-0321-age-uk-lifebook.pdf

JGB1955

I have a spreadsheet. alongside our wills, in our safe.  My husband (ex-bank manager) has absolutely no interest in how our household runs.  The spreadsheet sets out income and outgoings, with all account numbers and websites set out.  It also sets out where my financial accounts are stored - on which laptop, with which passwords (not specifically, but enough for them to have a very good shot at it).

My father used to have two icons on his laptop.  One was 'state of the nation' .... that would equate to my  Money 95  net worth' status,  The other was 'winding up orders'....what needed to be done when he died.  We used to joke about it but it was invaluable when he DID pass away.    Just do it!

thegreenone

TBagpuss said:

3. Keep an up to date list of which companies you have the accounts with, and the account number so she knows who to contact if and when necessary. I'd suggest including things like insurance as well, - you might want to have a general file where you also keep information about things like when annual renewals happen,. Obviously make sure that you and your wife both know where this information is kept! 

We have started to make a file, as above, with all our account numbers and details re insurances, pensions, utilities CT - a long list of bills/accounts that our sons will not know.  No I lie, I do all the household financials so it will be useful for my husband if I go first!  It does need to be updated every year if you change companies.  If it's possible, set up a joint account with funeral and immediate living funds to take the pressure off in the event of one death.