Misleading advice from Which on IHT and pensions from 2027

bobster2

Take a look at this…

Inheritance tax on pensions: HMRC reveals how the new rules will work in practice

Lots of important information in there - as from April 2027 Executors are going to need to obtain pension valuations prior to Probate.

But look at this in the final section on ways to prepare…

Arrange power of attorney: Setting up financial power of attorney now can help your representatives deal with banks and pension providers more easily after you die. Having this prior authority often makes institutions more willing to share information early on, helping your loved ones avoid the long delays that usually occur before probate is granted.

Errr….really ????? POA expires when someone dies.

Simply posting here for discussion (it is a discussion board after all!😊)

Keep_pedalling

it would only make things easier if the attorney was actively managing the finances before death so they would be starting with a full understanding of what assets were held.

bobster2

https://forums.moneysavingexpert.com/discussion/comment/82013835#Comment_82013835

Yes - absolutely. Have been in that position. And - although this is technically not permitted - used my POA internet banking access to download statements and check the balance just before informing the bank about the death.

But as soon as the financial institution is informed of the death - there's no reason for them to be more willing to share information with someone who previously had POA. And of course, if the POA wasn't active - the bank would know nothing about it!