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You will still be able to access some funds without the need of a grant of probate or letters of administration which arise when someone dies intestate without a will , if looking for money to cover funeral expenses. You complete an application and indemnity to pay funeral and testamentary expenses.

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Bank of Ireland will also allow payment for funeral expenses, directly to the funeral director. No insurance is payable on amounts saved after the 70th birthday. For those earning almost zero interest on a deposit account, switching to the credit union would give an additional benefit in the event of an untimely death. And once you have earned these savings, the insurance stays in place, regardless of the age at which you might ultimately die.

Keep an up-to-date list of your accounts and investments, either with your will, or give someone a password for access to a document containing this information.


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Maybe you took out a car loan in your name, or a credit union loan for a holiday, or have just overspent on your credit card. But what happens to these loans when you die? Most financial institutions will simply pass these debts on to your estate — and interest will continue to accrue until they are repaid in full.

If the debt was taken out in both names, the surviving party will be liable for the loan. Where there is not enough money in the estate to pay all outstanding debts, funeral expenses and the cost of administration of the estate, they will take priority, followed by secured debt such as mortgages and, finally, unsecured debts eg personal loans. If your loan is with a credit union however, it will typically be cleared upon your death. Typically, this is only offered up to the age of 70, but some credit unions will cover it up to the age of Again, terms and conditions do apply. Car loans can also be problematic.

Can I Write My Own Will?

According to Bank of Ireland, which arranges finance for Opel, if a customer has paid half of the hire purchase price or more and the agreement is up to date with no arrears, the car may be returned to the bank with no further liability. The estate can keep the vehicle and repay the rest of the loan if they so wish. On the other hand, if less than half of the price has been repaid the estate will be liable for the contract. Keep a record of outstanding loans and where they are held.

If a financial institution is trying to get you to take on the debts of the deceased, just say no. When it comes to mortgages, the good news is that some banks, including AIB, may allow a moratorium following the death of a borrower. Interest however, will typically continue to accrue on the mortgage until it is repaid in full by a life policy.

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The gas bill is in your name; the electricity in his. Now he has died unexpectedly and your bank has stopped withdrawals and direct debits from his account. You will need to contact your gas provider and arrange an alternative form of payment — but who is your gas provider? Another issue can arise with mobile phone contracts.

If you die with 10 months left on your contract, must your estate settle the amount outstanding? Fortunately, it appears not. A guide explaining what happens to your bank accounts, loans, mortgage and utilities Tue, Feb 7, , Fiona Reddan. More from The Irish Times Economy. English Soccer. Sponsored Free workshops at your Local Enterprise Office will prepare your business for customs.

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Writing A Will: How To Write A Will And Prepare Your Family For The Inevitable

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You should receive instructions for resetting your password. Please choose a screen name. The first order of business is to make sure you have a will.

12222. Writing A Will: How To Write A Will And Prepare Your Family For The Inevitable

This helps you avoid probate and ensures that your wishes will be followed. You may also have trusts and a living will that provide even more direction for your family and heirs. Putting a basic will together does not have to take a lot of time or be expensive. Along with your will there are many other questions that will arise if you become incapacitated or when you pass away.

Having written instructions detailing your desires can make these decisions easier for your family.

What is Estate Planning in N.C. and Why Do You Need It?

They include …. None of us want to think about dying, but by expressing our wishes now, decisions are being made that allow us to determine how our assets and final services will be handled. A more formal checklist that you can use as a guideline can be found at End of Life Planning.

Our only suggestion is to not put it off. Take the time now to prepare for a time when no one wants to think about these matters. Available Resources The value of your estate and types of assets you have will determine what level of legal and financial advice you will require.