'Parents do die' blog discussion 16 April 2007 at 4:17PM in Martin's blogs & appearances & MoneySavingExpert in the news 17 replies 3.7K views

Former_MSE_Lawrence

This is the discussion to link on the back of Martin's "Parents do die" blog. Please read the blog first, as the discussion follows it.

Read Martin's "Parents do die" Blog

full-time-mum

Very good advice.

You only have to work out what the child care costs for the surviving parent would be (to enable them to work) to realise that you really do need to fork out if you possibly can. This also raises the whole issue of guardians etc (which I find even harder to get my head around) so making a will too is also important although we are guilty of not updating ours - slapped wrists. [makes a note to go and do it now.....]

tiff

I think it's important to get cover for death but it's just as important to get cover for long term illness. We cant get critical illness cover for my DH (due to congenital heart condition) and he is the main earner. I dont know what we would do if he got ill so that he couldnt work, he earns quite a high wage.

Firefly

Oooh heck! You've made me think now. I've been to more funerals these past few months than I care to remember and am now aware of the big "it could be YOU" finger poking out of the sky.

I'm off to Cavendish.

There was another thread in the Arms recently which asked what we would do with £250k but a more realistic thread would be How much would you need to provide for your children if you died?

£200k + the equity in my house would probably set mine up with a secure base; I've always given myself a pat on the back for having a will, but if you cant provide for them afterwards, not much point.

I came across this thought provoking blog by chance. Hmm, hope it's not a prophecy!!!

skylight

Regardless of the state of my SOA and debts, life insurance is the one thing hubby and I will not give up.

We do not have critical illness cover, but the insurances do pay out early in the event of terminal illness.

Wills is another bone of contention of mine. The amount of friends who claim they do not need one - still fighting with my mother to get hers sorted out.

RAS

Please can I make a plea for people who have children to sign a Lasting Power of Attorney as it will shortly be termed?

In a case of which I know, parents of young child divorced and mother only allowed supervised access visits because of addiction. Father worked full-time on a good salary and hired nanny to care for child.

Then he was involved in a serious car accident and left in a coma. Six weeks after the crash, no-one can access his accounts. Fortunately, DDs are still going out but the nanny is buying food from her own savings.

Obviously, someone had to go to the Court of Protection to ask them to take over his affairs. Given their legal contraints, that was not the best option from either the father or childs' point of view.

If the father had an EPA, then the attorney could have taken over and sorted out things for the family. He would also have been able to indicate how he wanted his affairs managed in this instance.

full-time-mum

What exactly is a Lasting Power of Attorney and how do you set one up?

Tupperware_Queen

This is sound advice. My friend has just died in a house fire. Her husband was the breadwinner, and mortgage holder, he had no insurance for her, he is now facing bringing up 3 kids, paying a mortgage and having to work full time, at least if they'd had insurance the mortgage would have been paid

Cumbrian_Male

Both my father's parents died by time he was 18.

I have life and critical illness cover for the mortgage and 3x salary on my pension. My wife is uninsurable (refused cover) due to her mental state.

Due to being made redundant last year and now earning 25% less, and with a DMP with CCCS going to take 12 years to pay, I am worth more to my family dead.

One creditor who is a tenth of my debts has in 3 months secured a CCJ and charging order against me.

House has been on the market 7 weeks with no offers, so god knows what they will do next. Debt free and mortgage free if I were dead, better than putting family through a forced sale or bankruptcy.

tiff

Cumbrian_Male wrote: »

House has been on the market 7 weeks with no offers, so god knows what they will do next. Debt free and mortgage free if I were dead, better than putting family through a forced sale or bankruptcy.

I dont think your family would agree with you. They would prefer to have you with them no matter what.

full-time-mum

Cumbrian_Male wrote: »

Debt free and mortgage free if I were dead, better than putting family through a forced sale or bankruptcy.

I really can't believe that. Your family need you. Money is only money after all and, unpleasant though it may be, a bankrupt parent is better than no parent.

"Money can't by you love" as one famous band sang.