Joint Bank Account

[rockyracoon]

I was having lunch with a friend last week, and we were discussing holidays. It has been a long held dream of ours to drive the Pacific Coast Highway. Now, both our other halfs will try to put the brakes on it, cos they won’t want to drive. So, we decided to set up a little savings club putting away £50 each per month. A sum that we could both manage without it being missed from the family finances. And, the OHs won’t be able to say that we can’t afford it. The trip won’t be for 10 years (yes, I know it’s a long way off), so plenty of time to save.

It’s not practical for us to open a joint account between us, so I’ll just probably use one of my online accounts and we’ll both do a DD to pay the money in.

Is there something that can be drawn up, and be legally binding, to ensure that her money is safe if anything happens to me?

[rockyracoon]

Doh. I meant to put this in law.

[sherrardk]

Couldn't you both just save your own money in your own accounts?

[rockyracoon]

Well. We could, but it’d be too easy to dip into. I’m quite self disciplined, but she’s definitely not.

[Peter Pedant]

as long as you keep good records
there is no reason why you shouldnt do this

ALtho you have said Joint Account on which the law is straightforward - Northall is the leading case and is discussed here
http://communities.lawsociety.org.uk/private-client/ps-magazine/january-2016/casing-the-joints/5053120.fullarticle

the upshot is that the account is partitioned according who has paid in what - hence the need for records

FOr the single account I would suggest the law is the same - good records and a memo about what you have agreed,
to my mind since it obviously sets up a trust, would be enforceable on the death of the named account holder

Altho you have labelled this joint account
you dont mean that do you ?
you want it to be partitioned and repaid in proportion to the respective contributions
and NOT the survivor gets all ( a feature of joint accounts)

[sherrardk]

She sounds like himself - could you involve one of your children?

[Tilly2]

Put a clause in your Will that she is to be given half of that particular account?

[Cloverjo]

If she's not self-disciplined, would she save the money anyway? I wouldn't have a joint account with a friend. Just the act of putting a legal binding on it might cause problems.
Save your money in your own accounts.

[rockyracoon]

Thanks all. Peter, I suppose I didn’t mean joint account, but you obviously got my drift. So, if she transfers the money from her account to mine every month, there will be an indisputable record, and if we cobble together a few words and sign it, then all should be well?

My OH wouldn’t see her lose the money, but as we’re not telling the men till we have to.....

[rockyracoon]

Hi Kizzy, why one of the kids?

[sherrardk]

I just thought you could tell them your plans and get them to make sure she got her money back if something happened to you.

[gness]

I suppose you or both of you could do a....To Be Opened in the Event of my Death....letter, Rocky......x

[jennyjoan]

If I was married even I wouldn't have a joint account - they cause so much hassle. No way Hosay.

[gness]

Course you would, Conne......what else are you going to empty if you find he's been playing away....other than his wardrobe?... ;-)

[CrapAtCryptics]

As its only 600 miles why does it entail a hefty budget - 400 flight - £50-60 a night per room, spending money and a weeks car hire should see it through - 2-3 years saving at most surely.

[jennyjoan]

Well Gness - I always believe if I hada married - what's his is mine and mine's my own"

[CrapAtCryptics]

https://www.visittheusa.co.uk/trip/pacific-coast-highway-road-trip

This looks helpful

[rockyracoon]

Ah right. I see what you mean Kizzy.

Yes Gness, that’s the sort of thing I was wondering about.

Crapatcryptics, it might be just 600 miles, but I intend to take 3 weeks doing it, along with Napa and Yosemite, with a few days in either San Fran or San Diego, and believe me,£5500 per couple will be spent very easily. It’ll be a big birthday for both of us, so we won’t be scrimping. I dare say we’ll spend a lot more. We spent a fortune in Chicago last year, and we were only there for 5 nights. Thank you for the link, I’ll have a look later :)

[Cloverjo]

Whatever you do over there I'm sure you'll have a great time. I loved SF and Yosemite. Don't get lost though, I was almost stuck in The Yosemites with no money or cards.

[gness]

Glad you won't be scrimping and you'll all be making the most of it.....and that you're making sure now that'll you'll have plenty with which to enjoy the adventure comfortably....great planning!
Don't miss out San Francisco....I'd go there tomorrow if I could...x

[rockyracoon]

Thanks :)