As a couple, are we right to keep everything in joint names ?

[Des Pondent]

We are a couple nearing retirement, we have everything in joint names, home, bank accounts, savings etc.

State savings and fixed term deposit accounts in banks would be much easier to buy and cash in etc as individual accounts as it can all be done online, joint accounts require branch visits and / or paper forms by post.

Our thinking is that when one of us dies, if everything is in joint names, and each has left everything to the other then no probate will be needed. Whereas if we have easier to operate single named savings, then probate would be needed.

Are we overthinking this ?

 

[Brendan Burgess]

I think it's important that each person has at least €31,000 of income in their own name to make sure that they benefit from the additional 20% tax band

A married couple earning €80,000 with only one earner will be taxed as follows:
€49,000 @20%
€31,000 @40%

But if both earn €40,000, the €80,000 will be taxed at 20%

Brendan

 

[IsleOfMan]

.....also check your health insurance policies. If in joint names when claiming, you may be subject to a family excess. If in single names the excess per person may be lower. Also, one of you might get sick more often than the other....so better to claim as an individual.

 

[Clamball]

I think it is a good idea to have individual accounts with a lower amount of savings to cover a transition period after death, when institutions can do bananas stuff.

When my Dad died the bank closed the joint account and opened a new account in my mothers name. But we knew my father was getting a significant deposit after he died and it could not be transferred as the account was closed. The bank was aware of this anticipated transfer and yet closed the account. It took hours of calls, escalations, etc to sort it all out, and the bank were in no way helpful. We lost count of the times the banks asked to speak to my father sometimes twice in the one conversation. Even when on to the bereavement support team!

You might also check that if you have joint state savings will they issue a check in joint names only, which may be a complication if you don’t have a joint deposit account.

 

[IsleOfMan]

We lost count of the times the banks asked to speak to my father sometimes twice in the one conversation. Even when on to the bereavement support team!

Isn't it hard to believe.

Myself and my wife have an AIB joint account. To get a bank statement from their in branch machines, I can order one when using my bank card but the statement produced will only show the account in my name. If my wife wants to see a statement with her name on it....she has to order a statement using her bank card.

 

[thedaddyman]

Maybe it varies per bank, but when my own Dad died, (everything was in joint names) it was straightforward to get him removed from everything and it all put in Mam's name. No new accounts or anything were needed, that was with BoI and Ulster. Same applied to utilities etc, just a bit of bureaucracy.

Only issue we had was with Computershare and some shares Dad had in his name only, they were dreadful and similar to what other posters have said here, I got asked if they could speak to him. Very annoying.

Not sure what the impact of having assets in joint and single names if you ever had to draw down on Fair Deal but might be worth considering or perhaps someone else here might have a view