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

AndroidMan

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Had this discussion with my parents and it seems they have a more complicated situation than I thought. If they had both died, there would be a chance that I would not be aware of some of their assets.

Have gone through things with them in more detail now but am thinking the same for myself when my day comes, I should list out my assets and accounts.
This is what I listed out and I would like to get input from others:

Details of Credit Union accounts
Details of current accounts in both the UK and Ireland
Details of deposit accounts in UK and Ireland
Details of pensions from UK and Ireland
Details of regular income from insurance payouts
Savings bond / prize bond details
Location of passports, birth certs etc
Location of wills
Burial wishes
Location of house deeds
Details of any debts that are paid out on a regular basis
I will get my name put on all of their bills so that the utility company will discuss account details with me
Same with insurances
There is cash and jewellery in the house so I know where that is now hidden
Also dad as an ex carpenter had a fake floor on the shed where he stores his expensive tools - never knew this!

Not a nice discussion to have but pretty important.
 
For me, I would need some way to pass on passwords for email accounts, computers, etc, I think that writing down the passwords and storing them somewhere safe, but accessable to a trusted person would be necessary.

This may not be an issue if your parents are less techy.

Edit: took me 15 minutes to post that as I was sidetracked! Crossed with BB
 
Brilliant discussion here. I got a "Think Ahead" form from the Irish Hospice Foundation. Main headers covered:

Key Info( in case of emergency). Meds, Dr(s) drugs etc.
Health insurance
Care Preferences'
Advanced Healthcare directive.
Emergency Summary form
Legal
Financial
When I die (body donation, funeral etc)

You can order the forms online for 4 Euro..

More info:


.
 
The order you do stuff is important. The banks and other institutions will cut you off from access once they hear someone has passed.

Worth while having an emergency fund in an account thats shared with one of the children.

Also its worth getting peoples paperwork in order while they are still around. Trying to get accounts, and historical records, to do the accounts for the estate, is very difficult afterwards. If they aren't in order before hand. having accounts in Joint names is very useful as is household services as they won't won't talk to someone who isn't on the account.
 
Some people keep a "stash of cash" somewhere in the house, shed, or wherever. Important to know where it may be hidden, and i'd imagine it would be one of the last things someone would want to reveal. Each to their own, but how someone goes about this is important. From experience, TRUST is No 1.
 
Consider setting up a mutual Enduring power of attorney between your parents, or between you and each of your parents. This can be helpful for a variety of reasons and is only effective when registered which requires communication to relevant parties to prevent abuse. For example if one parent was incapacitated and the other parent needed to sell the family home.
 
Knowing his illness was terminal, my partner opened a joint account and transferred all his incoming and outgoing transactions from his personal account to that account. We just considered it to be 'his' account until he passed. It made life so much easier for me afterwards until I was ready to close the account. Although I understand that not everyone would be comfortable with that.
 
Prepping my info today.. Adding in Paypal and Revolut accounts as they may get missed and nobody would ever know!
 
Think about a 'letter of wishes' which is not legally binding but very useful to guide your executor as to how to dispose of personal effects and preferences for funeral/send off.
 
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.
 
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.
 
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.
 
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.
 
Location of the deeds of any property and also the solicitor that has the most current will.

The solicitor who handled the Enduring Power of Attorney if it needs to be triggered.
 
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