FIL has bank accounts in DPs name

[Sleepyhungryfattyanddoc]

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

I can’t see that 20k is making enough interest that he needs to declare it? Or am I misunderstanding

No, you understand perfectly. Everyone has a tax allowance of £1k a year for interest on savings. If £20k achieves anything approaching that I need to know where it’s invested so I can move my money there.

I would want to be sure there isn't a mortgage or anything else in DP's name too. The situation has the potential to affect you as if others say there is a change of circumstances or you have a child it would/could affect your rights to benefits and there will be be nothing you can do once your circumstances have changed. Unfortunately pleading ignorance to the authorities will not help. From what FIL has said about the money all DP has is possible liabilities and no benefit.

Definitely no mortgage, but I wouldn’t be confident there’s not other things in his name

We have got our own mortgage (secured after this account was opened)

And it’s unlikely we would need to go on any benefits except perhaps maternity allowance for me in the future - which from what I can tell isn’t effected by any savings

If account is in your DP's sole name then only he can withdraw money unless it is a joint account. When fil passes any joint accounts are usually amended into the sole name of the survivor after informing the bank. I'm baffled how your fil opened the account in his sons sole name. If it was face to face how did the bank official not query the dob on official document with the person sitting in front of them. Unless this an account opened when he was a child and had his father as signatory. Not sure how the share were bought either. I used to work with deceased accounts and that would be a very interesting case. When fil passes is he going to inform the bank that these accounts in his name really belong to his father. Think this would be for the solicitor to sort.

How much are the shares? What happens to the dividends from them?