If your parents are getting older, it is wise to discuss the finances together in advance. If something happens to your mother or father, you can arrange current affairs and – should they die – handle the inheritance smoothly. By the way, visit this site slip and fall lawyer Los Angeles.
If a parent dies, the bank accounts must be closed or continued in your name. Except for and/or accounts, the bank will immediately block the accounts. This requires you to submit a death certificate, which is usually arranged by the undertaker. A Certificate of Inheritance is usually also requested, which specifies who the heirs are and who is authorized to arrange the estate.
You will also have to cancel or continue insurance. Think, for example, of home and contents insurance, continuous travel and cancellation insurance, health insurance, liability insurance, term life insurance, legal assistance insurance, breakdown assistance, and funeral insurance. Find out which insurance policies are available, with which company, what the policy numbers are, and where you can find the policy sheets. If your parents use an intermediary, write down their name and contact details.
If your parents have their own home, it is important that you know whether there is still a mortgage on it. If this is the case, inquire about what type of mortgage this is, when it was taken out, what the amount of the mortgage is, and with which provider the mortgage is running.
For a good overview, it is also wise to ask where all relevant documents for income tax can be found, such as copies of returns and letters from the tax authorities. If your parents outsource the tax return, ask for the contact details of the tax advisor.
For a good financial overview, it is also important to know which pension fund(s) will pay out pension. If your parents die, you must of course inform the current pension fund, because this has consequences for the pension and the survivor’s pension. Inquire further whether your parents have taken out annuity insurance and, if so, with which company.
If the house is vacant, it is wise to report this immediately to the energy and water company, so that you can switch to a cheaper vacancy rate. Make a note of which airlines your parents are affiliated with. You should also be aware of other fixed costs, such as subscriptions for telephony, internet, and TV, subscriptions to newspapers and magazines, membership of lotteries, fixed donations to charities, and contributions for, for example, sports association or trade union.
It is always wise to regularly review your will to check whether everything is still properly arranged. But to avoid negative surprises, it is also important to be aware of the contents of your parents’ will. Also, ask at which notary’s office the will was drawn up.
To avoid unnecessary searching, it is smart to ask your parents where you can find, for example, house keys, spare keys, and car keys, as well as an address book (or address file in the computer), a vaccination book for the dog or cat, the car papers, the marriage book, warranty certificates of, for example, the refrigerator or the dishwasher and the passports.
Hidden Conflicts and Obligations
Inquire further whether there are still corpses in the closet, such as a debt or a business conflict. If your parents have an outstanding private loan, ask to whom the money was provided and whether there is a signed loan agreement. Also, ask if your parents own the burial rights of deceased relatives. Also be alert to payment obligations, such as a lease car or a telephone that still has to be paid off.
To prevent abuse, it is not wise as a parent to provide passwords for webshops or websites of banks. It is important to make mutual agreements about your profiles on social media. The safest way to arrange this is a social media will or digital safe through the notary. This defines which online profiles there are, what the username and passwords are, who can carry out the wishes (the ‘executor’), and what should happen with them after death: delete the profiles or set up a memorial page. Of course, your parents can also keep a list of all the sites where they have a profile. On Facebook, they can name a contact person themselves.
If your parents have their own business, make sure you are aware of things like the Chamber of Commerce number, insurance policy numbers, business account numbers, outstanding invoices, and paid bills. You must also have access to annual accounts