What happens with money from my bank account if i die?

Daniel87

I am 30 Yo and no plans to die too soon, but with everything that happens now you never know know what the future brings.
My family is in Romania, i am working UK ,UK is not part of European union anymore, this will makes it difficult for my family to access my money in  if i die?

eskbanker

Daniel87 said:

I am 30 Yo and no plans to die too soon, but with everything that happens now you never know know what the future brings.
My family is in Romania, i am working UK ,UK is not part of European union anymore, this will makes it difficult for my family to access my money in  if i die?

At the risk of being morbid, the future will certainly bring death, as it does to us all, so the issue is how many years away that is....

You're largely in control of the situation in that you can (and should) make a will, nominating (a) someone to take care of distributing your estate when you die (your executor) and (b) who you want that money to go to (beneficiaries).  Banks all have bereavement teams and processes that are geared up to handling exactly this situation, so make sure you're clear about your wishes in your will, and the actual mechanics of distributing the money should be straightforward....

elsien

Make a will, then whoever is your executor would be responsible for getting any money left (after funeral costs) to whoever you choose to leave it to. 

CKhalvashi

In reality, this should be a routine situation to deal with. The below assumes you have read Elsien's advice above.

It would be a straightforward UK probate application if required (this is simple with a will) with likely one visit in person to the UK to settle the estate and remit the funds to Romania electronically. Nothing that for a simple estate cannot be settled quickly with little in the way of barriers and from experience (I remit money to Romania virtually monthly for business in non-Covid times) can be in their account in minutes with a company such as Wise, likely next day with a traditional bank.

If property is involved the situation is a little more complicated, but again not insurmountable and with low cost flights at minimal additional cost to dealing with this in the UK.

jimjames

Important thing is to make sure they're aware of all accounts that you have to make it easy for them to sort things out

london21

You are so young to be thinking about such, but wise.
Good question, do a will, have next of kin, inform your loved ones about your affairs. 

Daliah

Important that your will for your UK assets is compliant with UK law: https://www.gov.uk/make-will

You might also want to consider a Lasting Power of Attorney, which authorises a person to act on your behalf if you ever get incapacitated but are still alive

maxsteam

jimjames said:

Important thing is to make sure they're aware of all accounts that you have to make it easy for them to sort things out

Yes. Definitely. Even if you just tell your family that you keep important papers in a certain place, it should be enough information for your family to find out what accounts you have. Once they have that information, they can follow the procedures to inherit the money when you die.