Messy estate

Cat_Loving_Lady

My Father is currently terminally ill and we do not believe he has long to live.
Unfortunately in the past he has been very controlling of my Mother, who is in her seventies now. He has controlled all financial affairs and been very secretive about almost everything. Despite our frustration over this she's just been so accepting and now it's landed her in a mess. She's knows nothing of their affairs, how much money he has or doesn't have, any debts etc.
to make matters worse his family who aren't too keen on my mom (we don't know why) seem to influence him. She had a savings account that should have about £20k in it but he managed to get his name of the account and has frittered it away to nothing. We don't know where the money has gone but suspect he's been stashing it away through his family. We just don't know. I am assuming once he's gone she'll be able to see as power of attorney his bank statements and we may get to the bottom of this. She suspects he'll leave her with nothing as he's resentful he's going before her. It's very sad as she's still caring for him as a dutiful wife.
Where does she stand with regard to the frittering away of their joint savings if they've gone to his sisters , or doesn't she ?
He also has a life insurance policy which he can cash in as terminal and she fears he'll give this away as well.

Savvy_Sue

Cat_Loving_Lady wrote: »

I am assuming once he's gone she'll be able to see as power of attorney his bank statements and we may get to the bottom of this.

I'm afraid you're assuming wrong: if Mum currently has power of attorney over Dad's affairs (and it doesn't sound as if she does), then she'd be able to find out what was where now, but that power would die with him.

And it all depends whether or not Dad has left a will, and what that will says. If he's left a will giving everything away, then she can contest it because until now she's been financial reliant on him, but it will still be messy.

If he hasn't left a will, that puts Mum in the strongest position, as long as she resists any attempt by his family to take over.

Cat_Loving_Lady

Yes they both have a will, she is the sole beneficiary However she is suspecting there will be nothing left as he's been moving money out of their accounts. We don't know where it's going.

Marktheshark

She could divorce him if he is really that bad as you say.
That puts a stop on things.

RAS

Cat_Loving_Lady wrote: »

Yes they both have a will, she is the sole beneficiary However she is suspecting there will be nothing left as he's been moving money out of their accounts. We don't know where it's going.

She goes to each of the joint banks/ account providers and tells them that all further debits require both signatures. In writing with immediate effect.

Nuclear option but if there is nothing in the accounts when he dies she is stuffed.

Getting the last 6 years bank accounts as executor would be possible but legally father can give away anything he wants during his lifetime and if the rellies insist it was a gift, her chances of getting it back are going to be small.

sammy1234567

If there's anything left in the joint accounts she could withdraw it herself, couldn't she?
As other ppl have said, if his will made her executor, she will have the power to see all his bank accounts after he passes away.