Making my various accounts easy to access for my daughter.

[Dave7]

Situation is........aged 78 I've had a lot of illness in recent months. Been in hospital 3 times, this months was 11 days.
I have 3 accounts ie 2 x savers and 1 x ISA.
We ((daughter and i) have an appointment in the bank on Friday.
I want her name on the accounts in case she needs to access them.
Not sure if I can do that with the ISA. If not will close it and put everything in one pot
So..........is is as simple as I hope/think?
Any thoughts?

 

[markemark]

Have you done PoA? Financial and Health?

 

[Alex321]

You can't do it with the ISA. The clue is in the first letter, which stands for "Individual". They have to be in the name of just one person.

Giving her a Lasting Power of Attorney over your financial affairs would allow her to administer it though.

 

[Dave7]

Have you done PoA? Financial and Health

Yes.
TBH I was POA for my wife's aunty, a nightmare.

 

[Dave7]

You can't do it with the ISA. The clue is in the first letter, which stands for "Individual". They have to be in the name of just one person.

Giving her a Lasting Power of Attorney over your financial affairs would allow her to administer it though.

Yes, but how many hoops would she have to jump through to actually get at the money.

 

[markemark]

Yes, but how many hoops would she have to jump through to actually get at the money.

She can’t just get at the money. With PoA she can manage the account on your behalf now. But it’s still your money and would become part of your estate on death.

 

[Drago]

If you use the app to manage your account it's as simple as furningshing her with the login details.

But as Marky suggests, it you drop off your perch that becomes troublesome until probate is settled, so only really of use if she's helping you out while you're still alive.

 

[si_c]

I have a financial PoA (alonside my brother and sister) for my father, he had a solicitor draw up the papers, we signed them and he took them home and put them in a safe place.

If I were to need it I know where they are and can access them and then start the process of speaking to his banks etc. It was a relatively easy process and is there just in case and we can manage things if needed relatively quickly.

Rather than adding her to accounts this might be a more robust process.

 

[markemark]

As an aside, you don’t need to pay a solicitor for PoA. It’s all done online and it’s very clear and easy. All a solicitor does is fill in the same form for you.

 

[wiggydiggy]

Situation is........aged 78 I've had a lot of illness in recent months. Been in hospital 3 times, this months was 11 days.
I have 3 accounts ie 2 x savers and 1 x ISA.
We ((daughter and i) have an appointment in the bank on Friday.
I want her name on the accounts in case she needs to access them.
Not sure if I can do that with the ISA. If not will close it and put everything in one pot
So..........is is as simple as I hope/think?
Any thoughts?

If you add her to your accounts she would have access, but on death most accounts would revert to her (bank dependent), if there is a will that says money should go elsewhere that may cause issues. And you can't do it with the ISA at all.

Have you done PoA? Financial and Health?

Yes.
TBH I was POA for my wife's aunty, a nightmare.

I'd definitely recommend POA, it's a lot easier to set up and run these days. As an attorney for you your daughter can access all your accounts, inc ISAs. But on death the POA ends and your will becomes the defacto instruction for your estate.

I actually as attorney for someone, and once the instruction is added to the account I have full access as if I am on the account. For some banks I even get my own online banking to access the account. The odd institution still insists on paper copies and or visits to branch but that's rarer for me.

 

[Pat "5mph"]

But on death the POA ends and your will becomes the defacto instruction for your estate.

Yes, you need to make your daughter executor of your will as well as having power of attorney.

 

[Pat "5mph"]

I gave my PoA, that is also the executor of my will, the location of all my online passwords and my phone/bank app pins.

 

[Ming the Merciless]

I gave my PoA, that is also the executor of my will, the location of all my online passwords and my phone/bank app pins.

Are they in the cycle chat pin and password thread?

 

[Pat "5mph"]

Are they in the cycle chat pin and password thread?

Joking aside, we both had the horrific experience of the sudden death of our partners (not at the same time lol mine was 22 years ago) no will, mortgage still running.
It was a financial nightmare, when I die my executors (I have a back up too!) will have it much easier.

 

[oxoman]

Definitely go POA and ideally lasting power of attorney as it covers health and welfare plus property and financial. Done properly it makes things a lot easier to sort out. Must be done whilst your compos mentis aka of sound mind.