Equity release and palliative care

[Silverfoxxx]

Hi

I'm so stressed at the moment thinking about the next stages.

My Dad is currently in hospital on a palliative care pathway waiting for a palliative nursing home. Fast track funding has been approved.

He took out equity release on his bungalow 17 years ago and I appreciate they own it but what happens next? I have not got power of attorney, so probate, then what? Is it up to me to clear it & put in on the market?

Has anyone been through this?

Would they own all of it though? Normally a % under equity release, although compound interest means it will have added up. So the executor(s) would sell the property once probate is granted. Then when it's sold the solicitor sends the amount owed to the equity release, takes off their own fee and whatever is left is paid to the estate.

If you will be the executor then speak to the solicitor.

Power of Attorney isn't the same as Executor.

Does he have a will and is someone named in it as executor?

Not sure you need to do anything at the moment except to keep an eye on the house.

Is the heating on low and does it have current buildings and contents insurance? Insurance companies need to know that it's currently unoccupied.

Probate and executor ships are not relevant until your Dad has sadly passed away. Then equity release company will need contacting.

Don't worry too much. Power of attorney lapses on death but it sounds like you are likely to be executor too?

I found after dh died that most companies had a specialist department dealing with bereaved people (I suppose after multiple complaints). Nearly all of then were really helpful. Just make sure you get far more copies of the death certificate than you think you'll need. Ten is about the minimum I would say.

I hope your dad's final weeks and days are as comfortable as possible and low stress for you.

I've not found anywhere near that number of death certs to be necessary. Tell Us Once doesn't need one, and covers all the government-related notifications. There's a similar one that covers a lot of banks and financial institutions - can't remember the name but ask at any of his banks and they should be able to give you details. That does the initial notification, then you can probably take one into the branch and get it straight back. We've only needed to actually send one away.

We got 5 copies for dad and only used 2. Same with FIL. You are only going to needs loads if it's a complicated estate.

Just focus on your Dad at the moment, and forget all the horrible admin you will have to deal with afterwards. There is no point getting stressed about that now. It's great that palliative care funding is agreed, so you don't need to worry about that. One step at a time, your Dad's care first.

Thank you all for the advice. I'll just wait and see what the solicitor says.

Just been so stressful for last few months with my Dad in 3 different hospitals and a physio rehab unit after having a fall then a hip replacement. Now has white lung with not much time left.

Saw him yesterday, very chatty but weak & not mobile. He doesn't seem to know he dying even though the palliative nurse sees him, he thinks he is coming home, I don't know what to say. Will they tell him?

I am very sorry to hear this.

You do not need to do anything at the moment. After he has died you can apply for probate and then his debts will be paid and anything left will be distributed according to his will or rules of intestacy.

He's under medical care so TBH you may just have to visit and keep him happy. Do you need to worry about paying for his care or is he getting continuous healthcare funding so it's not an issue ? (More experienced people can chime in here).