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Saving for old people..
DBTurbo
Posts: 6 Forumite
Im looking to setup up some decent savings account/s on behalf of my parents.
They seem to have missed out on a lot of interest throughout there lives through lack of financial know-how.
I have to say im much the same, dont have a clue about savings. Id like it if they just spent there money, but they want to keep it for the future (?) potential grandchildren and that I imagine...
So my father is 80 and my mother 59 (who isnt in the best health) so the future is a little flaky I think.
I was wondering what the benefits of joint accounts are? If one of them were to pass away, would it work out better for my remaining parent?
What happens with fixed term accounts for individuals if the holder passes away before the term is over?
Some advice on this sort of thing would be much appreciated.
Thankyou.
They seem to have missed out on a lot of interest throughout there lives through lack of financial know-how.
I have to say im much the same, dont have a clue about savings. Id like it if they just spent there money, but they want to keep it for the future (?) potential grandchildren and that I imagine...
So my father is 80 and my mother 59 (who isnt in the best health) so the future is a little flaky I think.
I was wondering what the benefits of joint accounts are? If one of them were to pass away, would it work out better for my remaining parent?
What happens with fixed term accounts for individuals if the holder passes away before the term is over?
Some advice on this sort of thing would be much appreciated.
Thankyou.
0
Comments
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joint accounts make a lot of sense for old people as when one dies the money is still accessible by the other without any concerns about probabate0
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Get Power of Attorney (POA) sorted for both of them (in agreement with other family members).
Can make life a lot easier if dementia sets in - don't wait until it's too late.0 -
What kind of accounts are you looking for. Internet? Post? Telephone? Branch? Plastic Card? Passbook? If branch then what banks and building societies do you parents have access to? If you may want to operate the accounts for them by POA in the future then the choice of will be more limited.0
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when someone dies with a joint account is the money considered 50/50 for probate/inheritance tax purposes?0
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If your mother is "of sound mind" I think it's far too early to seek a Power of Attorney, although your advice would probably be welcomed by your parents." The greatest wealth is to live content with little."
Plato0 -
lilac_lady wrote: »If your mother is "of sound mind" I think it's far too early to seek a Power of Attorney, although your advice would probably be welcomed by your parents.
No don't say this. POA (LPA now) needs to be sought whilst she is of sound mind.0
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