Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

Original poster

FIL has bank accounts in DPs name

80 replies

Sleepyhungryfattyanddoc · 27/07/2021 15:24

I’ve just found out my FIL has 2 bank accounts and also shares in my DPs name

It’s not a huge amount of money, we aren’t rich, but FIL is in his 80s and a serious saver!
I asked why he’d done it in Dps name instead of his own and he didn’t really have an answer, but apparently he’s had the accounts and shares about 10 - 15 years. - he is not intending on gifting us the money though (not that I’d expect him to!!) it’s very much his money just saved in DPs name - for some unknown reason

I raised it with DP (who also didn’t previously know) but he said he didn’t really care enough to bother starting an argument as it doesn’t matter to us, but I can’t shake the feeling that it does!

DP and I are getting married in 6 months
So Will this have an impact on us at all?
I am Self employed - Will this effect my tax as it’s income we aren’t declaring that’s technically earned by our household? Will it effect our credit or insurance or anything else? Or should I just shut up and stop making a fuss

OP posts:
Saidtoomuch · 27/07/2021 15:27

Its probably an inheritance tax thing. The bonus is, if the marriage doesn't work then you have a claim on your FIL's assets! I'm joking of course ....
Your tax if your are self employed is based on your income alone, not household income or assets.

unsureofneighbour · 27/07/2021 15:28

I would love to know how. There are far too many elements of not possible here.

Original poster
Sleepyhungryfattyanddoc · 27/07/2021 15:33

@unsureofneighbour how is this impossible?
DP lived at home, FIL had access to all of his details like passport etc.

There’s every chance DP signed something and paid no attention or even was told and thought nothing of it at 18 years old and totally forgot - even though he’s telling me now he didn’t know

OP posts:

Interested in this thread?

Then you might like threads about this subject:

General money
Fairyliz · 27/07/2021 15:37

If he’s in his 80’s without being rude he’s probably not got long to go.
When he passes away as these accounts are in your DPs name they are his so presumably won’t be part of the estate for inheritance purposes?

Galassia · 27/07/2021 15:37

How did you find out?

unsureofneighbour · 27/07/2021 15:39

[quote Sleepyhungryfattyanddoc]@unsureofneighbour how is this impossible?
DP lived at home, FIL had access to all of his details like passport etc.

There’s every chance DP signed something and paid no attention or even was told and thought nothing of it at 18 years old and totally forgot - even though he’s telling me now he didn’t know[/quote]
I didn't say impossible. I said elements of not possible. Because under normal circumstances this would not happen.

You say DP lived at home and the father had access to his personal information so are citing fraud as a possibility.

You say your DP may have signed something at 18 and not even noticed, again, fraud/dishonesty.

I (badly) assumed because his dad is in his 80s that your DP was much older than 18 plus the 10-15 years these accounts have been open.

Akire · 27/07/2021 15:40

Surely it’s fraud in the nicest possible way. Even 10y ago you needed photo ID to open accounts so must be older than that. I’d be concerned if you ever need to claim benefits they can search bank accounts in your name and good luck claiming because it’s registered at its dads home it’s not his money.

TooWicked · 27/07/2021 15:41

So many questions… how did you find out? Have you had an actual conversation with FIL about it yourself or is this just all secondhand via your DP? Do you trust your DP?

Yea it absolutely could affect you, eg if your DP lost his job he wouldn’t get any state financial support if his savings are over a certain amount.

TooWicked · 27/07/2021 15:42

So your DP is 28 and his dad is in his 80’s?

Pinotwoman82 · 27/07/2021 15:43

Do you know how much it is? If it’s over a certain amount do you not have to do a tax return to declare interest on savings? The savings account might not be to bad but depending what the shares are of they could be making a bit of money?

tenredthings · 27/07/2021 15:44

His dad's maybe done it so his son can avoid inheritance tax when he passes.

unsureofneighbour · 27/07/2021 15:45

@tenredthings

His dad's maybe done it so his son can avoid inheritance tax when he passes.

His dad could have given his son the money.

CorianderBee · 27/07/2021 15:46

@TooWicked

So your DP is 28 and his dad is in his 80’s?
Men can have kids in their 50s you know
TooWicked · 27/07/2021 15:48

@CorianderBee yes I do know thanks, just wanted the OP to clarify.

BlueSurfer · 27/07/2021 15:50

If your DP genuinely wasn’t aware and continues not to be, then it’s fraud. However, it’s quite possible they were opened when your DP was underaged and are still in his dad’s name.

Original poster
Sleepyhungryfattyanddoc · 27/07/2021 15:51

@Fairyliz

If he’s in his 80’s without being rude he’s probably not got long to go. When he passes away as these accounts are in your DPs name they are his so presumably won’t be part of the estate for inheritance purposes?
DP has quite a few older siblings and we don’t think there are accounts in their names, so it would be a bit strange He’s also been clear that he plans to try to spend it.
OP posts:
CuriousaboutSamphire · 27/07/2021 15:52

Well, there could be financial repercussions in that. If/when your FIl sells those shares the profits will be taxed, Capital Gains Tax. If FIL is as dodgy with that as he is in hiding some of his assets (wife? tax man?) the your DP will be liable for it.

And if your DP ever needed to claim benefits and declared his own lack of savings and FILS savings were found...

And all sorts of other credit checks.

Your DPs credit rating is being messed with too!

Accusations of money laundering by a bank if he tries to open a new account.

It's not a simple thing!

GooseberryJam · 27/07/2021 16:00

If you need personal care, as many people do in their 80s, you will need to pay for it if you have above a certain amount in savings. So one thing this does is makes the FIL more likely to be able to claim for social services support. That's much more likely to have an impact, as the care savings threshold is about 14K whereas for inheritance tax I think it's 325K.

Original poster
Sleepyhungryfattyanddoc · 27/07/2021 16:02

Yes it’s probably fraud but we obviously aren’t going to report him to the police! I want to ask him to close the accounts, but DP has said it’s not worth the hassle - so I was hoping for a reason to say why it was worth the hassle

Yes men can have children in their 50s/60s/70s! Shock

We found out because we went to visit and help him out with a few things and there were some letters on the side addressed to DP which DP and I thought was odd, but obviously DP just opened them.

I don’t know specifics… I think it’s around 20k in the accounts and I don’t know about the shares.

OP posts:
unsureofneighbour · 27/07/2021 16:05

Yes it’s probably fraud but we obviously aren’t going to report him to the police! I want to ask him to close the accounts, but DP has said it’s not worth the hassle - so I was hoping for a reason to say why it was worth the hassle

Your DP is being pathetic. Or lying to you.

UnbeatenMum · 27/07/2021 16:06

Yes, there could be tax implications if the amounts are large. You can earn up to £1000 interest on savings before paying tax each year, or £500 if you are a higher rate taxpayer. The dividend allowance is £2000. When shares are sold the Capital Gains allowance is £12,300. That's 2021-2022 though, the values have obviously changed over the last 10 years. If DP does a tax return anyway then these amounts should have been declared over the years (and added to his own savings interest etc).

TooWicked · 27/07/2021 16:09

“Not worth the hassle” - Yeah your DP is lying.

Akire · 27/07/2021 16:10

If he dies tomorrow then his son could simply walk into the bank show ID and withdrawal it all. So doesn’t make sense u less his Father always intended him to have it.

notapizzaeater · 27/07/2021 16:10

If you need to claim joint benefits (like UC) you won't be able to as your DH has more than 16k in savings

ThreeWitches · 27/07/2021 16:14

Is it purely in DP's name? Or both their names?