My wife's father is in hospice right now and does not have much time left. These things are tough for everyone, but I'd like to help be prepared for her and her brother while they focus on being there for him. I have some questions but also don't know what I can be doing ahead of time to make things easier on them.
Some background information to help understand our situation.
Father in law has two adult children, daughter (my wife) and son. The son lives with the dad in a house that the dad owns (has a mortgage). Dad is retired and drawing social security, retirement savings, and an annuity. Owns two vehicles outright, and no other debt that I know of.
He has a power of attorney, will, and living will. No trust, I'm not even sure what that is fully and if it's possible to set up now. He could have have days to weeks left.
He bought a cemetery plot many years again with his wife, but they divorced years ago... So not sure about that fully. I may need to contact the company to find out more information.
Can anyone assist in things we're can do ahead of time, and what to do after death?
Should we start transferring utilities over to his son due to accounts being frozen? If so, which ones? Gas, electric, trash, Internet, cell phones, auto Insurance, anything else I'm missing?
His will states his two children get all inheritance and to split 50/50. Anything we should keep in mind about this? The son will be staying in the house, and there's probably close to $200,000 in equity, with about $400,000 in retirements/annuity. The son will need more help as my wife and I are in better financial shape for now and in the future. We live super close and will be the only immediate family he has left, but we will be big partsv in each other's lives.
Sorry for all of this, but I'm just trying to get a bunch of information before possibly going to an attorney of some sorts. My wife and her brother are not able to think about this stuff right now, so it's on me for the time being.
Thank you all in advance. ❤️
original posted by TetrisSmalls to r/personalfinance on Mon, 04 Mar 2024 21:43:12 GMT.