DH and I thinking of putting our bank accounts in joint names

Everyone of our bank accounts are in joint names. DH's work involved a lot of travelling to out of the way places for indefinite times for many years before mobile phones etc, so I needed access to all accounts because I needed to be able to pay his credit card account etc. It also meant, if one of us fell under a bus, they had access to all sources of ready money.

Savings and investments are all in seperate accounts in the name of one or the other of us.

Joint accounts will only save you getting probate, if you live in a property you do not own and you savings are no more than you would keep in a current account. Once you own a property, even if in joint names, probate will be required.

Same here Calendargirl As my DH worked away, most financial decisions were mine and I was responsible for paying all the bills and credit cards. Very big purchases meant a bit of a discussion but we both understand the limits.

Have always had a joint account since marrying nearly 49 years ago. Never had ‘yours’ and ‘mine’ money. He’s never queried what I spend on things, and vice versa.
Luckily money is something we don’t fall out about.

We have 2 joint accounts.

I have one of my own with about 46 pence in it

Mr. Nula doesn't have one . Unless he's hiding it from me!

Make sure that you both know the passwords though. Friend of mine was widowed at 50. She knew nothing at all. Caused no end of problems.

She also didn't know the passwords for utility bills and statements etc

I like my bit of pension in my own name. When buying presents or ordering flowers on line (at prices Himself would think of as shocking!) I couldn’t be doing with the ‘ ‘Ow Much‼️‘ at my purchases. He is very generous with family whereas I like buying for friends too.

His pensions are bigger than mine so all the bills come out of our joint account (with his money). Poor man. You’ve gotta feel for him.
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There are implications

Should one of you be diagnosed with dementia the bank can put a stop on the account until they are satisfied with PoA.

Also, if your savings are in joint names they are deemed to be s[;it 50/50. Should you have £100k in joint acc savings and one of you needs care then the person with a care need is deemed to have £50K. If their care costs £20K pa then the joint account is reduced to £80K - ie £40k each. So, in effect the person without the care need has contributed £10K.

Not sure if they are still available but I had a 3rd Party Mandate on my Mum's account which meant I could operate it but wasn't a named person on the account.

Similarly with houses in joint names rather than those held as tenants in common.

AgeUk have really good, downloadable, fact sheets.

And, consider getting PoA which can be done on line rather than via a solicitor.

Yes, we do a joint account for bills and joint outings and expenses, but keep our own personal accounts as well. He doesn’t need to see my frivolous purchases and I don’t need to know how much he’s spent on yet another camera upgrade?

It does seem to make sense if there are no children involved.

Personally DH and I each had our own accounts and paid into a joint ‘bills’ account. After he died it was seamless at the bank they advised me to close my acc and his and transfer everything to the joint acc and his name removed, that way I didn’t have to transfer any Direct debits. It worked for me.