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Topic: UK account beneficiaries  (Read 1397 times)

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UK account beneficiaries
« on: April 11, 2022, 03:16:53 PM »
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


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Re: UK account beneficiaries
« Reply #1 on: April 11, 2022, 07:14:44 PM »
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?


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Re: UK account beneficiaries
« Reply #2 on: April 11, 2022, 09:27:37 PM »
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.
Dual USC/UKC living in the UK since May 2016


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Re: UK account beneficiaries
« Reply #3 on: April 13, 2022, 09:32:03 PM »
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


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Re: UK account beneficiaries
« Reply #4 on: April 13, 2022, 09:37:18 PM »
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.
Dual USC/UKC living in the UK since May 2016


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Re: UK account beneficiaries
« Reply #5 on: April 14, 2022, 08:57:12 AM »
Make sure you don’t create a trust on death via your Will. The 3520 & 3520-A are profoundly complicated.
« Last Edit: April 14, 2022, 09:36:55 AM by Barcrest »


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