When my husband died and I had to change utilities and insurance to my name. It was a chore and some were real pain in the (insert body part). I have a Prudential life insurance policy on ME with my husband as benificiary/owner. The will did not need to be probated but---just this one insurance company is insisting on a small estate document to be obtained from the court to change the beneficiaries to be my kids. You might look into changing your insurance policies, too
Yes, most definitely you should get all Insurance Policies that are on your loved one changed to you as You the owner and beneficiary, or who ever you wish to be beneficiary. You most likely could do that with your POA, I had my husband do this with our policies before he became incompetent because I knew what was coming.
As al of us with *'s after our name know, our Power of Attorney ceases the moment our spouse dies., so anything that would pertain to him/her needs to be discussed, changed, or addressed before they expire.
I knew my husband was dying for a week, and did not make one call that would have made such a difference to me. The day after he died, I called and no one was allowed to speak to me until I went through Probate court and they received a c opy of the Letters Testamentary that showed me as the Executrix of his estate. That took over 3 months. Nancy B*
Yes POA ceases at the persons death. I would hope that all know this even without a star after our name. Even with POA it is better to have these things done before they become incompetent and not use POA if at all possible.
I had to use his Power of Attorney with regard to hospitalizations, car insurance claim, and several other stock/investment matters. Looking back, I seemed to have used it more than I realized.
I carry a copy of my POA in my purse. I have had to use it so many times for things I never thought about. Little things...like getting a new phone on my cell phone plan!
Also, when my DH was admitted to an ALF, I was advised by an attorney to pay for it using his IRA. I went to the bank with my POA in hand. They insisted that he sign one of their forms giving me permission to pay for his care using his IRA. I showed them the POA but, they still insisted. Even when I told them he could not understand the form or sign his name. Attorney advised that I tell them that I would have him sign as best he could...but...that it would be an illigal document because he had already been declared incompetent. When I told them that it seemed my POA was fine.
Attorney also advised me that when his IRA is depleted, to start paying with my IRA before using any other assets. Reason---you pay taxes on IRA's. So spend them while his medical expenses are so high to offset the taxes.