I was advised by my solicitor to add my wife to my existing Bank of Ireland personal account. We are both in our 80s and, in the event of an illness to me, she could have access to whatever funds are in the account. I have no problem with this.When I went to Bank of Ireland, they said they couldn’t do that but, that if I closed my account, I could open a new joint account.My pension is paid into my present account and 10 or more agencies from The Irish Times delivery to monthly payments to my wife and children are paid into and out of this personal account. It seems an unnecessary task to have to advise all of a new account number.Is the bank within its rights to refuse adding my wife’s name to my existing account?JM It seems such a simple thing, doesn’t it, but unfortunately it is anything but.You’re a married couple, what’s yours is hers and vice versa but, like many married and other couples, you choose to operate with accounts in each of your names rather than a joint account.But, as we age, we come to realise that we might not always be around to make those agreed transfers to the accounts of loved ones. And it is not just that we might be dead. Dementia, stroke, an accident... all can leave us unable to manage our own affairs and those who rely on us locked out from financial resources they need to keep the household going. The same challenge faces those who may just be getting married or settling down as a long-term couple. Having had individual accounts thus far, they often want to organise their affairs so that the family finances are accessibly to both partners.But banks have their own responsibilities. They answer to the Central Bank and to legislation more widely. And in cases like this they have two concerns: one that they meet their legal obligations under rules designed to prevent money laundering and, two, that they do not expose their customers to the risk of elder abuse.I’m conscious that this can all seem unnecessarily melodramatic to someone simply trying to take practical steps to organise their affairs but understanding where the banks are obliged to come from might make this whole thing seem less obstructive.Bank of Ireland is quite clear. It cannot simply add a second name to a personal account held in someone else’s name.I also spoke to AIB which similarly confirmed it is not possible to just add a name to a personal account.AIB notes that making changes to existing account ownership “involves important considerations such as ensuring the correct beneficial ownership of the funds is established and maintained, being mindful of any potential tax implications (such as how interest and tax is reported), and meeting all regulatory and account management requirements. “We therefore do not convert an existing sole account to a joint account for this purpose.” So what can you do?The first option is the one offered by the bank – open a joint account. This will require both of you to fill out forms, along with up to date anti money laundering documentation – proof of ID and address. You might also be asked to clarify where funds are coming from and your work Or in your case, retirement) status.The bank notes that a joint account means joint ownership. If one of you dies, the ownership of the money in that account does not go to their estate, it goes to the joint account holder. That might not be what you intend, it says. And, indeed, in your case all you want is for your wife to able to access cash if you cannot do so to pay household bills etc. However, it is possible, if you choose, to indicate in writing to your bank that the account is held jointly only for ease of access not for ownership of the funds in that account – ie that the account is held as tenants in common rather than as joint tenants. In that case, on your death, the account would be frozen and the funds in it at that time would form part of your estate.If you are doing this, it is advisable to keep a copy of the letter, preferably with your will and other related documents.So, if you are going down the joint account route, you need to be clear in your own mind whether you want your wife to have access only while you are alive or beyond that.Banks have all signed up to a switching code to make the process of switching banks easier for the customer and more streamlined. While you are not talking about switching banks, elements of this code should make it easier for you to manage any move to a joint account – such as the bank providing you with a full list of any direct debits going into and out from your existing current account.They should also be able to let anyone on the other side of those direct debits know your new details. However, some organisations will, understandably, not accept such information as an instruction – even from someone as reputable as your bank, so you will need to contact the relevant bodies once you have the list. In many cases, that can be done online. If that proves a challenge, perhaps a younger family member could help.Bank of Ireland does add that there are “a range of additional options that allow support to be provided to an individual that does not require a joint account”.That’s true to a point but, frankly, they are all equally if not more complex and cumbersome and largely involve powers of attorney – specific, general or enduring.A specific power of attorney gives whomever you have chosen to act for you power over specific decisions or actions – for instance they may be able to make transactions on your bank account but not close it. A general power of attorney offers wider powers.Each requires your assent and signature to be valid. Importantly, both cease to be effective either at a date set by you or once you have lost the capacity to make decisions on your own behalf. At that point, you are relying on an enduring power of attorney, a separate document drawn up through the Decision Support Service in a process that also involves solicitors and your GP.Anyone who reads this column regularly will be aware that I am in favour of putting such arrangements in place, if only to provide for the future unknown. But they do that time to complete and, without getting into a row with the Decision Support Service which oversees the process, it is clunky – not least because you have to fill out multiple documents online, then print them out, get necessary signatures and then scan the whole back into the system.And the power only kicks in when you are no longer capable of managing your affairs – and have medical confirmation of them. Importantly, once the attorney take over, it is permanent. You cannot recover your control of your affairs.Once you die, the power of the attorney ceases and all assets in your bank account form part of your estate.There is also a Carer Package, which does grant a carer access to your account, including a debit card, though they will have no online access, nor a cheque book.The downside is that, again, you need to provide a letter from a doctor stating that you, the customer, no longer has the decision-making capacity to manage their finances – and that is far from what you are looking for which is really a “just in case” backstop.This approach is not unique to Bank of Ireland. I got in touch AIB on this same issue. AIB says there are a range of options available but, when you break it down, it appears to be, as with Bank of Ireland, open a new joint account or go through the enduring power of attorney process.A spokesman for AIB did also suggest that the parties could complete an Authority to Third Party to Account form, which, with necessary witnessing and due diligence, would allow your wife to “operate and give instructions in relation to the account(s) as though it had been given by the account holder”.That may be so but the only such form I could unearth was designed to deal with arrears which is a different scenario altogether and it specifically states it does not allow a third party (your wife) to actually operate the accounts. There may be another form that I’m missing but in your case it is academic. I certainly know people who have simply informally granted a trusted family member access to bank account, via online banking, but this is not authorised access to your account. If your trust is misplaced, you run the risk of your funds being dissipated with no recourse to recovery. And if the bank discovers such unauthorised access is happening, it will immediately shut down all access to the account pending investigation.An enduring power of attorney is a good idea anyway – especially for people at the age of you and your wife – while you are both still sound of mind and body. But, for what you want, you might also need a specific or general power of attorney to kick in should you fall ill without permanently depriving you of access to your accounts once you recover.The alternative is the joint account route.Either is a big decision and will involve some paperwork and hassle so you should take some time to think about it but it is certainly worth ensuring that the funds needed to run your home and your lives are available should you fall ill and find yourself unable to actively manage these affairs in the short or the long term.Please send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street Dublin 2, or by email to dominic.coyle@irishtimes.com with a contact phone number. This column is a reader service and is not intended to replace professional advice