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

[Kingfisher101]

Banks will often let you have the cost of a funeral out of the persons bank even before probate. It may be worth asking if the person doesn't have a plan etc.

 

[Low Gear Guy]

Banks will often let you have the cost of a funeral out of the persons bank even before probate. It may be worth asking if the person doesn't have a plan etc.

In this case the bank will pay the funeral company directly. The executor should pass the invoice to the bank.

 

[Pat "5mph"]

open a joint account and transfer most of your money into it, possibly?

That won't work: when my partner died suddenly about 20 years ago, the bank froze our joint business account I wasn't even able to pay the shop's phone bill, all direct debits bounced.
By luck, I still had my own bank account for accessing money, and I knew the pin numbers for his accounts.
Best thing for your daughter to do in case of your death, imo, is not to tell the bank until she has sorted everything.
I have a friend whose husband died suddenly a year ago, her lawyer advised her just that.
Of course, make a will, organize your financial affairs, tell her where everything is.

 

[gbb]

Just going through this with mum's accounts.
We set up a Post Office online savings account with me as an additional card holder, effectively a joint account. Pretty quickly after mum's passing, they notified me as a joint holder I could continue to use the account as normal. But, its a clunky service, if you want to shift money around by adding new accounts to transfer to, it's got messy / fustrating for me personally.

So perhaps set up a joint account and transfer a block of money to it ? That would free up perhaps a significant amount if that's what you want to ease her access.

Shutting down other accounts has been problematic, mainly because I don't have photo ID. Passport expired during lockdown, as we probably don't intend travelling abroad, I never bothered nrenewing. My driving licence, I had stubbornly held on to the still legal original, probably regret that now but hey-ho.

 

[gbb]

Depending on the amount in a bank, probate may not be required. Mum had reasonable savings but not a humongous amount, certainly Barclays have indicated because its under X amount, probate wouldn't be necessary.

 

[oldwheels]

When my wife died nearly 8 years ago I do not remember any particular problems and I just took her will to the bank who simply moved everything to my name.
When my eldest son died I simply put the whole thing into the hands of a solicitor as his affairs were a bit complicated. Again there were no particular problems and his assets were all transferred to me. He had no will but that did not seem to cause problems.
I may have been lucky in having a good firm of solicitors who were recommended by a mutual friend.

Edit to add I also had to take a death certificate to the bank as well as the will.

 

[Buck]

Just going through this with mum's accounts.
We set up a Post Office online savings account with me as an additional card holder, effectively a joint account. Pretty quickly after mum's passing, they notified me as a joint holder I could continue to use the account as normal. But, its a clunky service, if you want to shift money around by adding new accounts to transfer to, it's got messy / fustrating for me personally.

So perhaps set up a joint account and transfer a block of money to it ? That would free up perhaps a significant amount if that's what you want to ease her access.

Shutting down other accounts has been problematic, mainly because I don't have photo ID. Passport expired during lockdown, as we probably don't intend travelling abroad, I never bothered nrenewing. My driving licence, I had stubbornly held on to the still legal original, probably regret that now but hey-ho.

You could get a citizencard if you wish to hold onto your original license?
https://www.citizencard.com/

Use code “FREEVOTERID” code for a free one! (My son used it this week and it worked)

 

[Mrs M]

Power of Attorney is much cheaper to arrange when you are still alive.
Also a watertight will.
xx

 

[johnblack]

Add her to the account with either to sign.

This is the best answer, I did it with my mum, made it very easy.

 

[fossyant]

Bank accounts still stop on death, and probate is needed - likely there is a house with value. POA is recommended as your daughter can manage bills etc if you aren't well enough - we did this for MIL when FIL passed, and she didn't want to do anything with banking/paying bills, so my wife managed this for some years. As said, funeral expenses etc will come out of the bank account. Probate can take months, so if your daughter has POA, then at least she can manage bills etc before you pass

 

[lazybloke]

.

Shutting down other accounts has been problematic, mainly because I don't have photo ID. Passport expired during lockdown, as we probably don't intend travelling abroad, I never bothered nrenewing. My driving licence, I had stubbornly held on to the still legal original, probably regret that now but hey-ho.

Applying for a photo driving licence might get a quick result. My son's provisional came though in just a few days.

 

[welsh dragon]

My brother has given myself and my son POA, and we are also the executors of his will. As far as I know, we can do whatever is necessary to pay any of his bills and his funeral ourselves. All his bills are paid for monthly, so that would make things a lot easier.

 

[SpokeyDokey]

Power of Attorney is much cheaper to arrange when you are still alive.
Also a watertight will.
xx

Also, very hard to arrange when you are dead.

 

[wiggydiggy]

Also, very hard to arrange when you are dead.

When calling one financial institution about the bereavement, the operator asked to speak to them I politely explained again they had passed and it was ok after that.

Generally though most places have been ok, one tip for anyone dealing with POA or Bereavement is to call M-F during office hours. It's because most of the teams that deal with that don't work weekends or evenings.

 

[gbb]

Applying for a photo driving licence might get a quick result. My son's provisional came though in just a few days.

Yup, that's already on route,
Kinda caught me off guard, managed without photo ID of any kind forever, until mums passing, then you realise you can't progress anywhere without it in one form or another.(well you can, but it's tortuous)