Dad’s FA let my sister and me take out money; he just needed to know the reason(s). We’d already planned Dad’s funeral once, so this time we pre-paid. It really is comforting knowing that’s taken care of.
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My sister wants to empty her checking account that all of her automatic deposits and debits are out of before she passes.
I think we should keep some money in there for any automatic payments that might come up
I’m feeling steamrolled.
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I know you have mentioned that you and your sister don’t have the best relationship. At this time, try to remember that while you’re going to have to “work together” on some things this is sort of temporary.
Take the time and thought to protect your mental load.
While I know it feels like you’re feeling the pressure of time, sometimes giving things a little time (the things you can) helps the right steps/decisions to come to the top.
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My vote is to split the difference. Tell your sister that it’s a good idea to take some money (can go to those funeral costs, if needed), but that because of direct debits you don’t want to create more problems and time pressure down the road. Leave two months worth of debits so you buy yourself a bit of a time to close up shop. That feels like a reasonable compromise.
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After my sibling telling me that mom wasn’t conscious and won’t be ever again, mom is apparently awake and in a good mood.
My sibling will have mom write a check and transfer money to the account that my sister is a joint owner.
I told sibling to write a check for a specific amount, that we were to leave a cushion for any unexpected expenses. She agreed.
I have a call into the FA.
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Best thing is to get another name on the account if at all possible.
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Not possible because it’s a credit union in another state that none of us live in. It’s where my mom and dad retired to. Mom was moved to my siblings in a hurry.
Unless the FA can give some guidance on that.
Mom was adamant that she did add me. She never did
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Make sure you know if there are other investments–stocks, bonds etc. And a list. And if she’s stashed money or other valuables. and passwords, account numbers.
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All of mom’s meager assets are POD except this one bank account that she never set up a beneficiary.
If she’s still doing ok, we can call that bank tomorrow to set up a POD.
Her FA advisor says that account will have to go through probate if there are no POD beneficiaries.
It’s going to have something like $8000 there. I’m confused, would we have to go through the courts for $8000? Or can I show up to the bank after she passes away and close the account? With a death certificate?
I know banks are tricky, that’s why we are planning on transferring most of the money to a joint account. Should I transfer more money to the joint account?
I’m really confused and apparently unprepared.
Thanks
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If not POD or one of you are not on the account then yes, it’ll be hanging out there and you’ll have to open the estate for probate to get the money out.
Mom can write a check to you and clear the account if she’s able.
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Ok, thanks
If the bank is presented with a death certificate at any point they will freeze all fund transfers–bills won’t get paid automatically. It gets really tricky. Get all the passwords for medicare, insurance, pension that you can. Best advice is to get the money out.
Make a list of all automatic payments including subscriptions–Netflix, cable, magazines, newspapers etc. Note that a lot of those subscriptions will automatically go away for non-payment after about 90 days. So not a huge priority (but easy to cross off the list).
Problem is that at some point there will be bills coming in from Medicare etc and without changes in e-mail address and knowing passwords (get on sites and change the e-mail to come to you if possible) you won’t get notice to pay anything. Don’t necessarily close the accounts–if money from SS comes in or a pension (before being notified) it’ll have to be paid back. It can be a mess for sure.
Have her sign a card for the post office for change of address to come to you–insurance stuff. medicare stuff, payments and bills will be coming in for a good time and you won’t get any of it. Do it NOW. (ask me how I know).
’
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Thanks, mom was pretty organized. I will be there tomorrow to figure out her passwords. She claims she doesn’t have any online access for social security or Medicare.
My mil doesn’t do anything on line. Doesn’t have a computer, doesn’t want to do anything on line. Nothing
Mom’s IL has an app that you can set up automatic payment system, her phone didn’t support it. She doesn’t remember her Apple password and the recovery number is one she doesn’t have any more.
I put the app in my phone and that was good. I can change the payments
Should be fun. Maybe my rant should be that everything is so on line that it’s not good for our current seniors
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This was my situation for my dad too. Nothing online, nothing on autopay, pen and paper check book and ledger, etc….
Definitely a good idea to forward all the mail to you or a sibling.
I was shocked at how easy some things were to change over and pay and how difficult other things were. And there was no rhyme or reason. The smallest bank account was the biggest PIA to close. The largest, the easiest.
The HOA for the condo was the absolute worst. They kept insisting that they needed to talk to my dad. He. Was. Dead! I sent the death certificate. I sent the attorney’s letter. I sent confirmation that I was the executor of the estate and they still wouldn’t let me set up payment. I finally had to talk to the boss’s boss’s boss and explained once again that I was trying to PAY them. It was ridiculous.
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I think the plan is to keep a minimum amount of money in the bank that’s a credit union if we can’t get them to add me as a beneficiary. Cross your fingers that we can do that tomorrow
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My aunt didn’t have anything on-line either. And she was very organized also.
BUT to access her accounts (even just for info purpose and/or do anything timely it REQUIRED on-line access. That was for pension, insurance and investment accounts.
I was able to create on-line accounts (with my e-mail) fortunately for her so had access to take care of things.
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Just going to reiterate to get the mailing address changed immediately. Make sure she signs it. Get it turned in. ESPECIALLY since she doesn’t have on-line access.
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Maybe you can take the money out of that account and put in an account than already has a POD
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That’s the plan.
I wanted to keep a minimum amount in that account that doesn’t have a POD now
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Tell us more. My mother had me as co-owner, though I did not realize it. Later thought she would have liked it that I could have written a check for the funeral expenses (not much, since during covid so not a biggie). I was thinking any co-owner accounts, such as a couple’s joint checking account, would still be accessible.
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