How quickly can spouse get control of bank accounts after death?

plantation_2

Parkhall said:

marcia_ said:

Parkhall said:

born_again said:

Would be better making it a joint account, which would allow her to use the account with no issues. Or if you do not want to do that. Get her to open a account which they can have funds in to tide them over.

Sole account. She would need a death cert, & some councils can take a while to process. Then how long the bank take to process.

I've just been enquiring about a joint account with my bank but there is so much rigmarole involved  . . . 

 Which bank? HSBC just requested my husbands birth certificate and our marriage certificate and added him to my account there and then in the branch 

Danske Bank. Did he have to go to the bank in person?

If Danske are making it hard open a new joint account with another bank and use current account switch service to move over

zagfles

Parkhall said:

RAS said:

The will may not be an issue if your estate is valued at less than £322k?

Your wife may not need probate to access accounts if the value in each is less than the bank's limit (can be £5-50k).

How does she access money now when she needs it? A second card on an account in your name?

We just share my card.

OMG seriously? If any sort of fraud occurred on your account, even if nothing to do with your wife's usage, and the bank starts asking questions like "have you given anyone else access to your account", "does anyone else know your PIN" and you either admit you have or lie and they find out, you'll be going through serious "rigmarole" to try to get your money back! 

Just set up a joint account, either your current one or a new one. Better rigmarole now than later. Also have joint savings that you can both access, or spread savings between you, or even put them mostly in her name as she's wasting her personal tax allowance if she has no income.  

Obviously you need to trust her, but as you give her your card to use you obviously do. 

BrilliantButScary

Have you thought of other aspects that might make life very hard for your wife if anything happens to you?

How financially literate is she?
Will she be able to budget?
Will she be able to deal with utility companies etc? Does she have a pension?

I don't know your circumstances, but it is not a kindness to make or allow a person to be dependent 
on their spouse, as you cannot always be there to look after them. This doesn't just apply to finances.

Robin9

My wife has always had a sole account (actually she now has two plus a joint)   just in case I fall under a bus.  Should give her a float while things get sorted.

Also we maintain a spreadsheet which lists all the accounts, insurances, savings etc and includes what to do in the event of my/her death. Just being practical.

Brie

Parkhall said:

RAS said:

The will may not be an issue if your estate is valued at less than £322k?

Your wife may not need probate to access accounts if the value in each is less than the bank's limit (can be £5-50k).

How does she access money now when she needs it? A second card on an account in your name?

We just share my card.

I'm glad I'm not the only one concerned about this.  It's one of the reasons that banks will freeze an account if they suspect that your card is being used by someone else.  So neither of you would have access to your money and you're not even dead yet!!

Keep_pedalling

RAS said:

Correction £50k?

Senior moment, now corrected.

Parkhall

BrilliantButScary said:

Have you thought of other aspects that might make life very hard for your wife if anything happens to you?

How financially literate is she?
Will she be able to budget?
Will she be able to deal with utility companies etc? Does she have a pension?

I don't know your circumstances, but it is not a kindness to make or allow a person to be dependent 
on their spouse, as you cannot always be there to look after them. This doesn't just apply to finances.

You don't know our circumstances

Robin9

Parkhall said:

We just share my card.

Please don't.  You want to make life easy for her -  don't you

How about credit cards ?  Online banking?


and please do make a will. You are assuming you will die first -  what do you want to happen to your estate if you are the second death.   No will means a mess for someone to sort and then all will go to the state.

Savvy_Sue

Parkhall said:

BrilliantButScary said:

Have you thought of other aspects that might make life very hard for your wife if anything happens to you?

How financially literate is she?
Will she be able to budget?
Will she be able to deal with utility companies etc? Does she have a pension?

I don't know your circumstances, but it is not a kindness to make or allow a person to be dependent 
on their spouse, as you cannot always be there to look after them. This doesn't just apply to finances.

You don't know our circumstances

No, we don't, and we don't need to, but they are all questions which we'd hope you have thought about. If you have, fantastic!

One of Martin's TV programmes covers this, and he talks about recently bereaved people being absolutely shocked by the realisation that they knew nothing about anything financial, because their other half dealt with it all. 

SiliconChip

As you say, we don't know your circumstances, but from what you have told us there are elements that could be regarded as coercive control. If that's not the what's happening then you need to ensure that your spouse has proper access to funds (definitely not by using your card, which could easily end up woth both of you denied access) and learns how to use accounts in her own or joint names.