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Joint bank accounts

Discussion in 'Legal and financial issues' started by Flashharry, Sep 11, 2018.

  1. Flashharry

    Flashharry New member

    Sep 4, 2018
    My Dad (91) looks after my Mum at there home but she is now on a list to go into a home. My Mum was a housewife and my Dad worked. They had separate accounts (and still do) but he put more money into joint accounts when Mum was unable to bank. Are joint accounts taken into account when assessing self funding? Mum's account still has more than the £23,250 meaning we'll pay for her care but I'd like to safeguard money for my Dad if possible.
    The house is also in joint names and I believe cannot be taken into account if my Dad (or brother?) is still living in it. Is that correct? Lastly we've been advised to set up a tenants in common. Can somebody please explain what that is for?
  2. Beate

    Beate Registered User

    May 21, 2014
    #2 Beate, Sep 11, 2018
    Last edited: Sep 11, 2018
    Joint accounts are a real bother when it comes to financial assessments. One person may have contributed much more heavily than the other but by law it's now 50% hers and 50% his. In some instances this can be an advantage, in your mother's case it isn't as she is assessed now as having a lot of money and therefore as self-funding when she might not be without the 50% in her name.

    The house is safe as long as the spouse, someone else over 60 or disabled lives in it, but it might be a good idea to keep separate accounts from now on.
  3. nitram

    nitram Registered User

    Apr 6, 2011
    North Manchester
    Half of joint accounts are included in an LA assessment.

    Joint tenants means that if your Dad predeceases your Mum your Mum automatically becomes sole owner meaning that all the proceeds become available for her care. This cannot be changed by a will.
    With tenants in common your Dad can bequeath his share to A N Other meaning it would not be available for your Mum's care.

    The house will not be taken into consideration as long as your Dad or brother lives there as long as brother is over 60 or disabled.
  4. jenniferpa

    jenniferpa Volunteer Moderator

    Jun 27, 2006
    Beate's answered the joint accounts thing. As to the house, it is disregarded while your father is still living there, and if at the time he dies your brother lives there AND is over 60 OR registered as disabled it will still be disregarded. If your brother isn't either of those thing the house may be disregarded but it's not a given. The suggestion about changing the house to tenants in common is so that if your father can make a will so that if he predeceases your mother, he can leave his share to someone else. It used to be that that was a moderately effective way of protecting the house. It's not so clear now, but it is still worth doing I feel.
  5. Flashharry

    Flashharry New member

    Sep 4, 2018
    Thanks for the clarification.....

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