Power of Attorney sorted yesterday and now it takes months for it to actually go to the courts. I think this is something we all need to sort out well before you actually need it. The solicitor told us of a number of cases during this Covid time where people could not access money as they had no POA for relatives in comas.
I found out an interesting fact yesterday that when you die your bank accounts are frozen until after probate and if you do not have a joint account with the person you Iive with - in this case my sister, no money can be accessed apart from paying the funeral costs. It seems that because of Covid it is taking many months for probate - some people have been waiting since last May/June. This could cause financial hardship for the person left. I am told I need to open a joint bank account with my sister and put some savings into it as a "just in case" amount of money which she could access.
These are things we don't like to think about but really need to make sure we are properly protected!!
Every few years we update our Wills and we were thinking about it recently, saying we must make an appointment with our solicitor and then a couple of weeks ago David had a stroke. Luckily he is okay, but it brings it home to you just how quick things can change.
@kjarn I assumed because we both have wills leaving everything to each other that my sister would have access to my accounts. Not true until after probate which is taking months to come through due to Covid. Worth checking out.
I would have assumed that too Pam, you’ve opened my eyes. None of my kids could afford my funeral without access to my money so I need to check it out.
A great shot for your rainbow. Because I worked in the financial industry my entire career, I know the value of “taking care of business”. I could tell a hundred stories of frantic family members who were left to pay everything on their own because they were not joint owners on the deceased person’s money. Not only do you need a joint account with your sister, she needs a joint account with you on it, as well.
Thanks for passing that along. As I am getting older, I keep thinking of things that need to be prepared - made sure the title to my car was signed on the back as that will go to my granddaughter. What great greens against the black.
After mum died we found that Halifax would have let us access funds from her current account before probate if we'd needed to. In fact they settled the account before probate was granted. I think it depends on the type of account. Probate took 5 months!
Nicely green. And re Power of Attorney, you are right. Hubby and I still need to do it though. Thanks to dad's organisation, he had done his in 2006 and I just had to action it - which has helped enormously over these past difficult months.
Oh, goodness, this IS a lot to have to think about. I have a will and all, but still things would be difficult should anything happen to me. (Knocking on lots of wood now..!) Terrific bright greens for the Rainbow!
Every few years we update our Wills and we were thinking about it recently, saying we must make an appointment with our solicitor and then a couple of weeks ago David had a stroke. Luckily he is okay, but it brings it home to you just how quick things can change.
Those paper clips and pins are a gorgeous green!