# If all Savings in my name, if I died, can Spouse access quickly?



## sadie (20 May 2010)

If one Spouse has all their savings in their name only - in the event of their untimely death, can the other Spouse access the Savings in a hurry?
Or are there legal hoops that would need to be gone through?

If there is no Will made?

We currently place Savings in either one of our names or the other, just to save on the admin when opening new Bank Accounts, which we are doing frequently in order to chase better interest rates. 

But if one of us died, could the other get the money out straightaway?


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## Eithneangela (20 May 2010)

No, in the case of death of spouse, you still need a will which states that all assets are left to living spouse.  No bank will give access to individual account without grant of probate.  Make a will now - it's easy to do via the Internet - get it witnessed properly and locate it in a safe place.  Even then, it will take time after death of a spouse to gain access to assets.  As they used to say in the Girl Guides - Bí Ullamh - which means - Be Prepared!


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## Jetblue (20 May 2010)

Convert your accounts to joint accounts, they will retain access after your demise.


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## jpd (20 May 2010)

Jetblue said:


> Convert your accounts to joint accounts, they will retain access after your demise.



Not necessarily true - you need to make sure that they are held as joint tenants. In this case, on the death of one of the tenants, the whole account becomes the property of the remaining person and all the funds are immediately available. 

A different format is tenants in common - in this case, on death, the account becomes the property of the dead person's estate and is transferred to the dead person's estate and can not be accessed until grant of probate.

Normally, joint bank a/cs are setup as joint tenants - but check the small print in the terms and conditions - yes, it is very boring and difficult but ...


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## Jetblue (21 May 2010)

Thanks jpd!

There's such a great level of expertise available on AAM.


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## roker (28 May 2010)

I am no expert on this, but we have just made a Will. The solicitor told us that if there is no Will, that two thirds of the estate goes to the spouse and one third to the children.


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## Sidetracker (5 Jul 2010)

As well as putting all your money in "Joint Accounts" you should also set them up with "either party to sign"


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## justsally (7 Aug 2010)

*If savings in my name, can Spouse access quickly*



jpd said:


> Not necessarily true - you need to make sure that they are held as joint tenants. In this case, on the death of one of the tenants, the whole account becomes the property of the remaining person and all the funds are immediately available.
> 
> Normally, joint bank a/cs are setup as joint tenants - but check the small print in the terms and conditions - yes, it is very boring and difficult but ...


 

Very useful information. We have a joint account - how do we go about changing the account into a "joint tenants" account?.

Thanks


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## jpd (7 Aug 2010)

It may already be - check with the institution ( bank/building society ). It should also be specified in the small print (but who ever reads/keeps that!)


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## justsally (7 Aug 2010)

*if all Savings in my name, if I died, can Spouse access quickly.*

Thanks for your quick and helpful reply.    To be sure, to be sure, one or other of us husband/wife will call into the bank.    Would you envisage any problems in changing the status or is the bank obliged to amend account if requested to do so.


Justsally


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## Mauri (8 Aug 2010)

jpd said:


> Not necessarily true - you need to make sure that they are held as joint tenants. In this case, on the death of one of the tenants, the whole account becomes the property of the remaining person and all the funds are immediately available.
> 
> A different format is tenants in common - in this case, on death, the account becomes the property of the dead person's estate and is transferred to the dead person's estate and can not be accessed until grant of probate.
> 
> Normally, joint bank a/cs are setup as joint tenants - but check the small print in the terms and conditions - yes, it is very boring and difficult but ...[/QUOTE


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## Mauri (8 Aug 2010)

Edit: Sorry meant to thank you for this very useful information.


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## landlord (8 Aug 2010)

Eithneangela said:


> No, in the case of death of spouse, you still need a will which states that all assets are left to living spouse. No bank will give access to individual account without grant of probate. Make a will now - it's easy to do via the Internet - get it witnessed properly and locate it in a safe place. Even then, it will take time after death of a spouse to gain access to assets. As they used to say in the Girl Guides - Bí Ullamh - which means - Be Prepared!


 
what website allows you to make a will on the net? thanks....


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## huskerdu (8 Aug 2010)

landlord said:


> what website allows you to make a will on the net? thanks....



There are a number of website that allow you to print out a standard template for a will for a nominal fee. Google will template and see what comes up. I have never used one and have no idea how good they are.


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## Gulliver (8 Aug 2010)

Highly risky to use a standard template, as these are designed for UK or US jurisdictions - it is very important that the will should be drafted for Irish conditions - Irish law in relation to property and succession is different from UK/US in many respects


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