Wife's use of my bank accounts.

lr1277

I have said similar to the following in a post on another similar thread. Forgive the repetion if you have read that already.
Do one or both of you use credit cards? Does your wife have a supplementary card on your account? If your wife has a supplementary card on your account, it will stop when the bank is informed of your death. If your wife is ok with credit cards she should get a card in her own name if she doesn’t have one already. 
Do you have smart meters? If not does your wife know to to get readings and submit them to the power company?
Car: do you both drive the same car? The policy will stop on the policyholder’s death.
Many organisations require an email address and sometimes 2FA. Can your wife access your phone and email accounts as part of any verification process?
If you have passwords to log into various organisations, does your wife know all the usernames and passwords? Or at least how to access this information?
Does your wife have her own smartphone and know how to use it? My suggestion would be for your wife (if she doesn’t already) to have her own mobile and email address.
That is all I can think of at the moment, but look at every bit of money coming into and leaving your current account. Can your wife deal with all the organisations involved with those transfers of money? Does she know where to find all the usernames, passwords, account numbers, answers to security questions and anything else required for said conversations with these organisations?
Hopefully some things to think about.

squirrelpie

Cobbler_tone said:

There is a situation to work through where her dad wants to pass her mum's wealth to her (which he thought was detailed in the will and he is self sufficient) but it appears it was listed to go to him and then on to her.

I think that can be fixed with a Deed of Variation, which I understand is fairly simple as long as he is willing.

Albermarle

Cobbler_tone said:

I have first hand experience of this at the moment.
My mother-in-law recently passed and it comes down to the balance of accounts and the bank. As the amount was under £50k then Nationwide will transfer it to any nominated account as directed by the next of kin. It was done instantly with a trip to a branch two days ago. 
If accounts go into probate it’s a bit more protracted.

I think the ease of doing this, and the max limit involved varies from institution to institution. 

Cobbler_tone

squirrelpie said:

Cobbler_tone said:

There is a situation to work through where her dad wants to pass her mum's wealth to her (which he thought was detailed in the will and he is self sufficient) but it appears it was listed to go to him and then on to her.

I think that can be fixed with a Deed of Variation, which I understand is fairly simple as long as he is willing.

Thank you, good info.
I think in reality he would have just transferred whatever funds over in the coming weeks. I pointed out that this may cause the family issues at a later date, so best to follow the appropriate route.

Cobbler_tone

Albermarle said:

Cobbler_tone said:

I have first hand experience of this at the moment.
My mother-in-law recently passed and it comes down to the balance of accounts and the bank. As the amount was under £50k then Nationwide will transfer it to any nominated account as directed by the next of kin. It was done instantly with a trip to a branch two days ago. 
If accounts go into probate it’s a bit more protracted.

I think the ease of doing this, and the max limit involved varies from institution to institution. 

I think this applies to pretty much anything when you are dealing with different providers! 
I've always been a fan of Nationwide and can normally get to someone very helpful in my personal experience.
I'm not anticipating they will need to go into probate at any point.

Moonwolf

Emmia said:

maman said:

Emmia said:

maman said:

I know things were different for older people but I've had my own accounts (current and savings) since I was a student and DH has his. 

My mum (late 70's) has always had her own accounts as well a a joint account... but I have a colleague in their 30's who only has a joint account with their spouse. I think it's just what people prefer to do - age isn't always a good indicator.

You're right @Emmia it's not always a generational thing but it was more common in the past.

I think that some young people see it almost as a 'badge of honour' that they get into a relationship and open a joint account.

I've been questioned on these boards and within our own family about why DH and I have totally separate accounts. 

I follow my mum's example, our salaries go into personal accounts, we have our own savings, but make transfers to joint accounts for mortgage and some joint savings. 

I had a boyfriend who was very (too) keen on the "all in" approach but he was almost certainly drowning in credit card debt, and I refused as I was almost 100% certain would have been bled dry (and then some) financially. I wasn't even willing to open a joint account with him, let alone put money into that account.

This is what we do.  When we first got together we had similar incomes and transferred £300 each into the joint account, which then was about 75% of take home for each of us.

This covers, mortgage, utilities, TV licence and the basic weekly shop (but not booze or going out).

Over the years we have increased it as necessary in line with respective increases in income so I pay £1000 and they pay £500, but these are now about 1/3 of our incomes. We also have a linked joint savings float which is currently around £5K to cover white goods, sofas and boilers and stuff.

This should be fine if one of us passes as there is a float for basics and we each have our own income until things are sorted.

We don't argue about money, partly because we are lucky enough to be comfortable, because we are both reasonably sensible with no debts and partly because the money we keep is our money - if one of us wants to spend more than is sensible on tech, or a meal out or a new coat from our money, so what.

Cobbler_tone

The only account we both contribute to is a 'fun fund' for exactly that. It is the OH's account though, so if she wanted to go off for solo 'fun' she could. 
Other than that, I buy the groceries, she pays for utilities and whatever is left is ours. Never an argument or "you paid for this, I paid for that."  
I am currently anti joint accounts, for good reason and we don't need one.

mowerman2

Thanks folks- most helpful.

I will see if the accounts can be changed to joint failing which she can open a new account to which I'll transfer funds.

I assume there is no gift tax on monies being given to a spouse?

SVaz

No,  nothing between spouses is taxable

Albermarle

mowerman2 said:

Thanks folks- most helpful.

I will see if the accounts can be changed to joint failing which she can open a new account to which I'll transfer funds.

I assume there is no gift tax on monies being given to a spouse?

There is no gift tax in the UK, whoever you give your money to.