Sorting Out Banking Post Bereavement

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/81932092#Comment_81932092

That is really not the way to do things, especially if you were not the sole beneficiary of her estate. The OP already has POA and that is the way it should be handled.

DavidT67

https://forums.moneysavingexpert.com/discussion/comment/81932206#Comment_81932206

Yeah, it's not true that joint accounts are not included in an estate for IHT. If it were, every millionaire would simply open a joint account with their offspring, rather than buying farms…

The deceased's half of a joint account is part of their estate for IHT purposes, but if setup as joint tenants, probate isn't required for the other party to access the funds.

silvercar

You can just get 3rd party authority on the bank accounts individually, you don’t need to make them joint or even use a power of attorney form for this.

elsien

It’s not the right time now because it’s probably too soon after your dad’s passing, but so much stuff is online nowadays if people can learn to do it that’s probably a good thing.

87 year-old parent was petrified of anything online and wanted me to do it all for her. I sat with her and talked her through online banking and utility accounts- it took a good few attempts because she kept trying to give the laptop back to me and I kept refusing but it’s worked out better for now because she can go online and pay her cleaner and her gardener herself and also change her gas and electric to a better deal without me having to do it for her.
I still get the odd panic stricken phone call when she locked herself out of something, and she’s under strict instructions to call me if anything looks in the slightest bit dodgy, but this way is better at the moment. I do have LPA registered with the bank just in case, but I’ve never used it.

The only thing that has never stuck is checking the bank statements regularly which has led to a few unnecessary monthly payments but nothing major

WillowLeaf

Same happened to me. Dad's access was removed and his name removed from the accounts.

We just set-up online access for mum following the online banking process as if she were requesting access. If you have LPA you can just do it. If you don't, just do the typing for her and tell her what you are doing while she has a cup of tea. She doesn't need to do anything.

If/when she needs some banking done or wants to know her balance etc, you can login and do it.

Linton

If you have LPA, simply show the paperwork to the bank and ask them to provide you with access. As LPA for my father,they gave me a debit card in my name for his account and as we used the same bank they included it alongside my accounts for online access.

born_again

Perhaps once sorted look at making life more simple with just 1 or 2 bank accounts for you mum.

Newly_retired

Apologies for the aside but as an older widow I despair at the lack of competence of many of my contemporaries. It’s my son I feel sorry for when I die, with my 5 current accounts, 17 Regular Savers, 8 ISAs and goodness know how many more Easy Access accounts, all operated online.

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/81933035#Comment_81933035

Maybe time to simplify your assets with less accounts. That is what we have done.