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Legal, pensions and money

Joint bank account with children in another country

(12 Posts)
schnackie Tue 28-Jun-22 11:05:43

I know many of the Gransnetters have children in the US or Australia or other countries, like I do. I am totally on my own in the UK and worry what will happen to my money if I die suddenly or become incapacitated. I asked my bank and they said I cannot have anyone on my account who is not a UK citizen. Also, what type of lawyer should I be looking for, to make my will in this situation.

Blossoming Tue 28-Jun-22 11:23:58

Your bank has told you that you can’t have a joint bank account with anyone in another country, so that answers the question implied by your thread title. You could ask friends for recommendations for a solicitor to handle your will. I think most law firms offer a will writing service.

Georgesgran Tue 28-Jun-22 11:28:11

I’m sure my friend had a joint account at HSBC with her brother who lives in South Africa. It was a few years ago, so with rising cases of money
laundering etc, perhaps rules have been changed.
As you are concerned about becoming incapacitated, perhaps it’s time to look at LPAs.

Smileless2012 Tue 28-Jun-22 11:33:06

To make life easier for you and your family if you become incapacitated, look into setting up a Lasting Power of Attorney for your finances. This will enable access to your money by a third party if you're physically or mentally unable to do so yourself.

As Blossoming's posted, most law firms provide a will writing service and may also be able to assist you with a Lasting Power of Attorney,

Floradora9 Tue 28-Jun-22 21:41:40

At certain times of the year some charities offer a free will if you agree to leave them some money in your will . It does not have to be a lot.

SueDonim Tue 28-Jun-22 21:53:30

Not being a UK citizen is different from not being resident in the UK, so maybe that point needs to be clarified. For example, my son has lived the US for more than 20 years but he’s still a British citizen.

Esspee Wed 29-Jun-22 06:42:53

I have a U.S. bank account. On death the money goes to my grandchildren. My U.K. assets will be divided according to my will.
Everyone needs to have a will, it is neither complicated nor expensive.
I also have a power of attorney set up to allow others to operate my finances if needed.

Joseanne Wed 29-Jun-22 06:50:49

Have you tried Amex?

CocoPops Wed 29-Jun-22 07:30:16

I live abroad but I am a British Citizen and have a UK bank account.

GagaJo Wed 29-Jun-22 09:37:04

Exactly what I was going to say, CocoPops. I've lived overseas for 10 years, overall and retained UK bank accounts the whole time.

Surely as long as the grandchildren have UK passports, they're OK?

Teacheranne Wed 29-Jun-22 13:08:16

My advice, based on experience with my mother, is to arrange LPAs listing your children as Attorneys then they can help you with your finances in later years if necessary. It might take longer to organise with them living abroad as there are forms which they need to sign and return to you but it is definitely possible to do. You might also want to plan ahead for what happens after your death.

When my mum died recently, our LPAs were immediately void and her bank accounts frozen. Luckily we knew this would happen so we moved £5000 to cover expenses into an old bank account of my sisters about two months before she died - totally trust my sister! Although we are still able to add money to mums account ( necessary as her house is rented out), we can’t access it online to check the balance and have to complete a form in order to get bills paid which is a bit frustrating and slow.

We used the money in my sisters account to pay the bill for the food after the funeral as the pub wanted a deposit and final payment on the day of the funeral although the funeral directors invoice was submitted to the bank to do a bank transfer. We also needed cash to pay a couple of small bills connected to her house and to cover taxis for family to get to her funeral.

The alternative, as explained by our solicitor who is doing probate, was for one of us to pay all expenses from our own account and claim it back before the beneficiaries in her will get their share. As we cannot sell mums house for at least 10 months due to having just renewed the lease with the tenant, it’s going to be a while before the money can be finally paid out.

schnackie Thu 30-Jun-22 11:29:46

Sorry for the delay but thank you all for the informative replies! I shall be contacting an attorney soon. Hopefully soon...