if i die, how will my relatives get my money from bank?

Question

i want to make it easier for them just in case, cuz normally the whole procedure takes ages, no?

Answer 1

well, write a will. you'll have to speak to a solicitor, you will find some specialized in wills and stuff. they will look over your assets (life insurance accounts etc) and arrange for it to be ready for when the time comes. They can also organize your funeral expenses if you wish.

all the best

Answer 2

The only way to avoid Probate (which is the lenghty procedure involved to sort out the 'estate' when someone dies) is to make a Will.

This costs about £60-100 from a solicitior, or you can buy a do-it-yoursef Will kit from WH Smith for a couple of pounds.

Your Will appoints Executors (the people who do the sharing out) and states the shares that your family and friends can have from your money and property and goods when you are dead. If it is properly written and witnessed then your affairs could be sorted very quickly.

There are a lot of things that can go wrong if a Will is not written clearly. It's not so easy as most people think it is. If you are really serious then see a solicitor and pay the money to get it written properly. Then the bank will be able to release your money to them.

If you don't write a Will then Probate is invoked by law. This takes ages, and can still cause family problems because the law doesn't always share out your things in the way that you or your family may intend or want.

Incidentally, if you commit suicide (for any reason) then your relatives may not be able to get at your money whether you have a Will or not.
This is because there will be a police investigation and there may be criminal proceedings. Your 'estate' will be frozen until the proceedings are over. That could take years.

Answer 3

You actually have several options for this. Of course, a will is one way to designate who you want to get your money, but that money will have to go through the Probate Court. Depending on the assets you have, it may be a good idea to set up a Trust. If you are only concerned about your checking or savings account, then put someone else on the account and make sure the bank puts them in as joint, survivroship. If you have any questions about this stuff, just email me.

Answer 4

I would check with your bank now so you can set things up correctly for when the time comes. In California, the process of releasing funds to family members or beneficiaries depends on how much you have in the bank or your total assets. For example, I believe if it's less than $100k, they can release the funds after 30 or 40 days with just a death certificate. If it's over $100k, the bank will not release funds until probate has settled and the court appoints someone to handle and dispurse the funds for you.

Answer 5

I have been through this with my dad. He had everything planned out so well that very little was tied up in probate court. If you want your family to be able to get the money without it being tied up in probate then you will need to add a family members name to your bank account. Chose someone you can trust to do what you want with your money after you are gone. My dad had me on one of his accounts and my brother on the other. After he died that money was not even considered part of his estate since we were listed on the accounts also. Another thing my dad did was on his vehicles he changed them to say "Transfer on Death" and listed my brother. After he died the names on the titles were changed very easily by my brother. There were some things we had tied up in probate and it took about a year to finally close out his estate.

Answer 6

1) before you croak, give your relatives access to your account and have them make withdrawals while you are alive OR sign you assets over to them.

2) have a properly made will which makes your intentions clear. It will have to be probated first. This takes time, and your debts may be deducted from your estate before you relatives get anything..

Check with an accountant or lawyer first; check on your survivors' responsibility for your debts.

Answer 7

You have to go to the bank and fill a beneficiary form.
You can put there who do you want to keep your money in case of death, i think you can even divide it up.

Answer 8

You should write a living revocable trust and add their names as the beneficiaries (to certain accounts like retirement accounts.)

Most savings, CD(s), and checking accounts do not have beneficiaries, so this is where the living revocable trust comes in.

If you do not have a trust or will (but again i recommend the LRT above), then the state will decide who receives the assets in these accounts.

Answer 9

I gave power of attorney to my wife. A lawyer can draw up the papers for you (As well as a will). That way the second I go she has access to all my /our assets.

Answer 10

Make a will, if you are in the UK you will die intestate which means the Government get their grubby hands on you money first.