Death of a Gambler!

[harry_rag]

As my thoughts have turned to the subject of getting a will sorted out I've suddenly found myself wondering what happens to any money on deposit with bookies when the customer dies.

Would I be correct in assuming that, as long as they know where you had an account, your executors would be able to contact the firms in question and get the money back to be added to the estate? The alternative (that the bookies get to keep it) doesn't seem like an acceptable scenario.

I will have a look at one or two firms' T&Cs but just wondered if anyone knew from past experience.

[StevieDay1983]

I hope you're not planning on doing anything stupid anytime soon, Harry! 

In response to the question, I'd assume it would be the individual's responsibility to identify which accounts held funds belonging to them. Upon death, the necessary parties would then trace these funds and share them amongst those the individual so wishes.

[harry_rag]

Just looking to get a will sorted so I can file it and forget it and was working through a checklist of what to consider. That reminded me that there's always a reasonably sized "float" on deposit across various firms.

It's bad enough for the poor sods who'll be sorting it all out to have to plough through all the banks, building societies, pension providers and utility companies we all have without them having to deal with dozens of bookies as well! 

I suppose it's just a matter of leaving a list of all your accounts with your paperwork. Might be worth considering how much to leave on deposit at any time though.

[StevieDay1983]

9 minutes ago, harry_rag said:

Just looking to get a will sorted so I can file it and forget it and was working through a checklist of what to consider. That reminded me that there's always a reasonably sized "float" on deposit across various firms.

It's bad enough for the poor sods who'll be sorting it all out to have to plough through all the banks, building societies, pension providers and utility companies we all have without them having to deal with dozens of bookies as well! 

I suppose it's just a matter of leaving a list of all your accounts with your paperwork. Might be worth considering how much to leave on deposit at any time though.

It's a very good point, Harry. I've got to get my will done in the next couple of weeks and I hadn't even considered gambling funds. My money is more spread across poker and casino accounts but I've still got a fair amount in bookies with the most in Bet365. Hopefully, this will make a few others think twice about what they should do with their gambling funds in case of the worst scenario. 

[waynecoyne]

On 5/15/2019 at 4:56 PM, harry_rag said:

Just looking to get a will sorted so I can file it and forget it and was working through a checklist of what to consider. That reminded me that there's always a reasonably sized "float" on deposit across various firms.

It's bad enough for the poor sods who'll be sorting it all out to have to plough through all the banks, building societies, pension providers and utility companies we all have without them having to deal with dozens of bookies as well! 

I suppose it's just a matter of leaving a list of all your accounts with your paperwork. Might be worth considering how much to leave on deposit at any time though.

you could start withdrawing all your funds after each win and keep an up to date spreadsheet of all bets which your executors would need to be aware of @harry_rag

 

Edited August 13, 2019 by waynecoyne

[harry_rag]

Cheers, I do currently try & keep the balances at a sensible level. I also record all my bets in a spreadsheet & the month end balances for each firm I use. All in all, it should be easy enough for the executors to trace, come the time. Assuming that I haven’t had an epiphany by then & kicked this gambling lark in the head!