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

Rusty190

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.

Any dependence was never "allowed" or "planned". It just turned out that way due to circumstances beyond our control.

Your call entirely but, perhaps if you could elaborate on this a little, it may help folk who are genuinely trying to advise you target their advice more specifically. 

boingy

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?

As a teenager if I was going into town on a Saturday my mum would give me her card and ask me to withdraw her weekly housekeeping money to save her the journey. 4+ decades on I can still remember her PIN and it probably hasn't changed. 

@OP - a joint account is the easiest way. 

Savvy_Sue

boingy said:

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?

As a teenager if I was going into town on a Saturday my mum would give me her card and ask me to withdraw her weekly housekeeping money to save her the journey. 4+ decades on I can still remember her PIN and it probably hasn't changed. 

@OP - a joint account is the easiest way. 

Ah, the good old days - when I was a teen, Child Benefit (or was it known as Family Allowance?) was paid in cash by submitting the book at the PO counter, as were pensions. And someone else could legitimately withdraw it for you, if you pre-signed the book. Those days have gone ... 

Lots of suggestions for the OP to consider.

One thought: FirstDirect have an excellent reputation for Customer Service, AND they offer 24/7 PHONE support - real people who actually answer your questions! At 3am if needed ...

Not only that, they still do paper statements!

If I wanted to set up a bank account for someone who might struggle with internet banking and / or getting to a branch, that's where I'd go.

sheramber

If dependency is a necessity rather than a choice, how will your wife know how to access the bank accounts, how to get her own bank account and bank card?

If that is the case I hope there is someone who can help her navigate it all.

Of course it would be much better for you to do that , while you still able.