How to ensure my daughter can access my bank account when I pop my clogs.

[Dave7]

Other than going down the PoA route what is the best way to do this. Let me say I am aware of the so called dangers of allowing her access. For various reasons this does not bother me.
I just want to ensure she can access the money.
PS.....I am not 'minted' but there is a healthy L/S to pay funeral costs etc. and I don't want her fighting the bank for what will be rightfully hers.
BTW....I love my SiL as though he was my actual son and trust him 100%.

 

[Mo1959]

Other than going down the PoA route what is the best way to do this. Let me say I am aware of the so called dangers of allowing her access. For various reasons this does not bother me.
I just want to ensure she can access the money.
PS.....I am not 'minted' but there is a healthy L/S to pay funeral costs etc. and I don't want her fighting the bank for what will be rightfully hers.
BTW....I love my SiL as though he was my actual son and trust him 100%.

As far as I know when someone dies the accounts are frozen. If you have made a will, the lawyer should ensure any expenses and funeral costs are paid, but I don't think your daughter will have access to your money until the estate is settled.

 

[PeteXXX]

If you anticipate the popping of aforementioned clogs, you could gift her some of your money, or open a joint account and transfer most of your money into it, possibly?

FYI ~ I am neither a financial expert nor a doctor....

 

[ebikeerwidnes]

When my parents died I had a solicitor to sort things out

All the outstanding debts (e.g household bills, credit card balances etc) and Funeral expenses were taken from my Dad's bank account by the solicitor
I did not need to pay for anything directly - I just arranged for the bill to be sent to the solicitor and he took the money from the account

Made things far easier - but they obviously don't do it for free

I believe that the Executor can do all this and the banks are sorted out to allow it - but check that

 

[Dave7]

If you anticipate the popping of aforementioned clogs, you could gift her some of your money, or open a joint account and transfer most of your money into it, possibly?

FYI ~ I am neither a financial expert nor a doctor....

A joint account could be a good answer for immediate funds.
Thanks Doc.

 

[alicat]

Add her to the account with either to sign.

 

[Buck]

Having a Lasting Power of Attorney for Finance will be a good starting point to deal with financial matters (seperate one for Health and Wellbeing) whlst you are still alive. He/She can only access when you are deemed to be no longer ‘competent’ through illness etc.

When you die, the LPAs cease.

Your will, naming executors will be key and this will allow them to go to your bank and arrange for payment of essential expenses (funeral etc.) until the will is executed.
You shouldn’t need the services of a solicitor unless your estate is complex or contested.

 

[Buck]

Just to add that if you put your daughter on your account, check with your bank as they may well still freezer the accout on death as she is not your partner/wife. Each bank/organisation seems to have variations on their rules around this so best asking now.

 

[Bazzer]

A joint account could be a good answer for immediate funds.
Thanks Doc.

I would also follow the suggestion of @PeteXXX.
IIRC, until probate comes through, and even simple estates can take months, your executors are pretty much stiffed. A good friend's wife died during the pandemic. In his instance, I think it was around 6 months before probate was given and that was with him having good access to all of the relevant financial information and support from me and his daughters in bringing it together. He would have been stuck without a joint account. My late step father's estate took around 8 months to get probate.
My sister and I have made similar arrangements for our Mum even though we have POA. There is an account with money we can acccess for immediate and anticipated ongoing costs.

 

[Dave7]

Add her to the account with either to sign.

Another good idea, thanks.

 

[Dave7]

My wife and I had separate ISAs. When she died (in June) getting access to it was a nightmare.....even after I sent proof of death.
I still can't get access but hope to sort it this week.

 

[wiggydiggy]

Traditionally any joint accounts revert to the sole name of the surviving account holder, any sole accounts are closed and the funds dealt with according to the will.

Personally I'd name your daughter in the will for what you want her to get rather than trying to have joint accounts, it might take a little time post death for that to happen but its the safest way and if funeral costs are covered seperately she should be ok waiting.

POAs are uselful for assisting the living, but upon death they are null and void and the will dictates what happens then.

 

[the snail]

Having dealt with my mother's finances this past year, the best thing you can do is to get all your paperwork sorted out, list your accounts, insurance policies etc, and get rid of any redundant paperwork. It does take time to sort these things out though. I think you could give your offspring some cash in advance, but it will count towards inheritance tax if you croak within 7 years I think.

 

[Buck]

Having dealt with my mother's finances this past year, the best thing you can do is to get all your paperwork sorted out, list your accounts, insurance policies etc, and get rid of any redundant paperwork. It does take time to sort these things out though. I think you could give your offspring some cash in advance, but it will count towards inheritance tax if you croak within 7 years I think.

Yes, I think it’s maximum gifts of £3000 in total per annum across all recipients without any tax implications.

 

[Cycleops]

Make a will. Something you'll need to do anyway.