Key Post Preparing financially and otherwise for the end of somebody's life

DingDing

Registered User
Messages
270
The trust thing can become a mine field if there is any memory issues.
Indeed, had experience of this. It is as well to try and sort things out while you have your full faculies. Less likely to be questioned afterwards as well.

We have a folder in the home office with all the details in it. We also gave the solicitor a list of accounts and insurance policies to append to the will.
 

AndroidMan

Registered User
Messages
135
Paddy Power or such equivilent accounts, also online Lotto for example.

I doubt if these organisations will chase people on their winnings, I imagine the onus is on the account holder who very well be deceased.
 

waterman

Registered User
Messages
35
This topic has come up over the weekend with my parents. Both are quite old and health while not bad is not great either. My father has asked that I'm able to access all their accounts in case the worst should happen. Do we need to apply for the power of attorney as mentioned above or do we just need to ask the bank / credit union / post office etc to have me down as some kind of named account holder? Or is it something else completely I need to do?

They have no private pensions, need confirm if they have any insurance (however doubt it). Not a nice discussion however it is important.
 

twofor1

Registered User
Messages
1,603
My father has asked that I'm able to access all their accounts in case the worst should happen. Do we need to apply for the power of attorney as mentioned above or do we just need to ask the bank / credit union / post office etc to have me down as some kind of named account holder? Or is it something else completely I need to do?
We had the enduring power of attorney in place if it was needed.

My elderly parents, not wanting to go to the bank or post office anymore, simplified their affairs and just had an online joint savings and current accounts, at their request and with the full knowledge of my siblings I controlled these online accounts. Pensions came into the current account and all bills were paid online or with their debit card so every cent was accounted for on the statements. When one passed away the accounts became single rather than joint, when the second passed away the accounts were frozen until probate granted etc.

Again with the full knowledge of my siblings my parents had given me €20,000 to pay for funerals and the hotel after, with the balance to be used for expenses until probate granted and the house sold. Worked very well for us, but might not be practical in every family.
 

AlbacoreA

Registered User
Messages
4,003
Did something similar. Had joint accounts, parent sand child. When the person was sick the siblings set up a joint account for themselves for all bills relating to the parents care and the the estate. Which is useful as the bank will lock the joint account if one of the account holder passes. Credit unions don't do this. It passes directly to the other account holder. TBH I found the banks, not that helpful. Only for we had taken control of some of the funds, and could print off all transactions, or copy them to excel. Going thought the bank during probate would have taken ages and greatly delayed everything. At least with money set aside, you can cover all the essential bills in a timely manor.

But it obviously requires full confidence in family members. There are many disputes about money.

I would also say get all the paperwork squared away. You might think your parents are on top of the paperwork but they often aren't.
 
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