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

Savvy_Sue

Parkhall said:

Can anyone honestly say that they have never ever given their card and PIN to a highly trusted person to get some cash or buy something?

Yes, I can. And when I realised DH knew my PIN, I changed it, despite trusting him absolutely and having mostly joint accounts.

Call me paranoid, but my cards are mine. 

OTOH, I did reluctantly use my late mother's card, but only when with her. So I know it happens, but there are risks, and I warned her about them.

lr1277

I mentioned the following on another thread about bank branch closures.

Is you wife confident about the internet in general and banking on the internet in particular?

Can she use the telephone customer services?

If not, would she have to go to branch to resolve any queries?

Only Nationwide have promised to keep branches open for a few more years.

Further to my point on credit cards, my mum got her own credit card after she started getting a pension.

Whilst my dad was working, he did something that meant he got a smaller state pension in retirement but my mum would actually get a state pension as she had never worked. So when she turned 60, DWP started paying her a pension.

As for credit cards, Nationwide offered her a credit card even though her pension was paid into NatWest. She had accounts with Nationwide including current and savings accounts but no income coming in. However Nationwide offered and she accepted. The other cards she had were supplementary cards on dad's accounts.

So her own credit card was useful for day to day expenses as well as one-off funeral costs.

She eventually got a credit card with NatWest for resilience in case one card stopped working.

This was useful when she thought she lost one card (but actually hadn't).

sheslookinhot

Parkhall said:

SiliconChip said:

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.

"from what you have told us there are elements that could be regarded as coercive control" - how dare you make that accusation! It is HIGHLY offensive. You know almost nothing about our circumstances.

Lighten up, it’s the internet.  

msb1234

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  . . . 

Not as much of a rigmarole as your wife would have if you die without her having access. It’s a simple job, make an appointment, take your wife in and get her name on the accounts! You do know if she divorced you she would be entitled to half of everything in those accounts dont you?

elsien

I’m slightly baffled as to how if you already joint savings, your wife will have no access to money if you die.
I would also strongly advise setting up power of attorney.
 if you have an accident or illness and lose capacity (and yes it can happen quite easily if someone has a stroke for example) it will take months for her to be able to access anything in your name because she will have to make an application for a deputyship and that was taking up to 18 months at one point. 

msb1234

Parkhall said:

zagfles said:

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. 

Can anyone honestly say that they have never ever given their card and PIN to a highly trusted person to get some cash or buy something?

Im sure lots of us have as a once off in an emergency. However, it’s a very risky thing to do. As someone pointed out, you're leaving yourself wide open by doing so. 

It sounds like you're a traditional sort of bloke who thinks he's looking after his wife and taking care of the finances, which is not to be sniffed at, however its now considered to be seen as being financially controlling as it puts one spouse in a very risky financial position if all the funds are in the other spouse’s name. 

I actually think it’s important for each spouse to have their own separate bank account where their income / pensions get paid in, but then a joint account each pays into to cover all household expenses. Then of one person dies, the other still has access to the account where the bills are paid from. In the same vein, it’s important that you both have your names on all the utility bills - water rates, council tax, gas/electric, insurance etc. That way, if one dies, the other can simply carry on paying and dealing with them. The aim is to make life as simple as possible for the surviving partner, which you can do by having both names on all financial things. You clearly want to do this, hence your opening question. People replying here are trying to help you by pointing out what you can do and why you should do it. 

Make an appointment with your bank and discuss with them how to sort it out - they should be very helpful. Your wife will thank you for it if she should be left a widow. 

lr1277

I somewhat disagree about utility bills in joint names.

Yes having a name on a utility bill can be useful to prove address to a financial insituation, but it is not necessary.

So perhaps some utility bills in one person's name and the remaining utility bills in the other person's name?

When dad died, it was enough to change the utilities over to mum.

Linton

Parkhall said:

zagfles said:

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. 

Can anyone honestly say that they have never ever given their card and PIN to a highly trusted person to get some cash or buy something?

Yes, I can. Mrs L and I dont have a joint account,  each of us manages our own bank accounts funded from our own income streams.  Neither of us knows the other's PINs or login details for online banking. We each have our own credit cards.

Flugelhorn

Parkhall said:

zagfles said:

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. 

Can anyone honestly say that they have never ever given their card and PIN to a highly trusted person to get some cash or buy something?

I have never ever done this. Why would I do it? either they use their own card or I give them some cash 

GDB2222

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.

A friend found it very difficult when her husband died. He had always handled all the finances, and she said that she had never even written out a cheque in her life. This was 30 years ago, when people still used cheques.  Without help from her children she would probably have starved!