Transferring passwords in preparation

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My dad has just been diagnosed with terminal lung cancer and may only have several weeks left due to metastasis to the liver and liver failure  What are the best ways to prepare for my mum (his wife) to acquire access to his bank accounts and management of his affairs? Is it best for him to just have all his logins?

  • Hello  


    Thanks for getting in touch. I’m sorry to hear about your Dad’s prognosis and I hope that we can provide the information and support needed.


    Normally login details and passwords are unique to the individual and shouldn’t be used by anyone else.  You haven’t said if your dad’s bank accounts are held in his sole name or in joint names?  If the accounts are held in joint names your mum can access the account normally and if she chooses to register for online banking she can do so with her own unique login and password.


    An alternative to this would be to consider making the account a joint account or adding your mum on under a third-party mandate.  A joint account is when the account is held in both names.  It can normally be arranged by adding a second person (your mum) to an existing single account, or alternatively by opening a new joint account.


    Both would become the joint owners of the money in the account and would be able to write cheques, set up standing orders and direct debits, make payments and access funds. If either person dies, the surviving account holder would usually inherit the whole account.


    The option of third-party mandate is where your Dad could arrange with his bank to accept instructions made on his behalf by your Mum.  It’s a short-term measure to access someone else’s account.  You would need to check with your Dad’s bank or building society to see if they offer third party mandate and to arrange for the forms as not all banks offer this option.

    The account would still be in his name only, but your Mum would be able to make withdrawals and carry out other transactions.


    If the need for access to your dad’s financial affairs extends beyond the bank accounts, you could consider Power of Attorney. But this process can take quite some time depending on what sort of Power of Attorney is being put into place. The process varies depending on where you live in the UK, we’d be happy to chat you through the process if you’d like to give us a call on the details below.


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