UK account beneficiaries

Hey guys,

Here's a quick one. Im a UK citizen but US resident. My two adult children are US citizens and residents. I have nominated them as beneficiaries for my SIPP and UK current account - my only 2 UK assets.

Is there anything I should be aware of? Or when I pop my clogs will this be sufficient for them to get their hands on it?!

Cheers

A

JOOC, how do you nominate someone to be beneficiary of a UK current account?  Or do you mean you have a will that specifies how that particular asset is handled?

JOOC, how do you nominate someone to be beneficiary of a UK current account?  Or do you mean you have a will that specifies how that particular asset is handled?

I agree, I have not seen anywhere on my bank or different savings accounts where I can name beneficiaries or “payment on death” like I can, and have done, on my USA accounts.

We have our 2 US citizens children named in our wills as beneficiaries, one lives in the USA , the other in England.

Yes you're both right. - I thought I had done the current account years ago but as you say it's not an option. The SIPP is done - but I wonder how this will be treated on the US side?

A

Yes you're both right. - I thought I had done the current account years ago but as you say it's not an option. The SIPP is done - but I wonder how this will be treated on the US side?

A

Presumably you will also have a will affirming your instructions to the executor(s). They will deal with it since you won’t be around. Try not to worry about it.

Make sure you don’t create a trust on death via your Will. The 3520 & 3520-A are profoundly complicated.