Plan for later life with Revolut

Making future plans to protect our finances — and our loved ones — is a crucial step for
everyone. These plans are particularly relevant for those facing a terminal illness and their
carers.

For patients, proper planning guarantees that their wishes are respected, their affairs are in
order, and (most importantly) offers peace of mind during a difficult time. A clear plan can
also make it easier for carers to manage their responsibilities. Additionally, pre-emptive
planning reduces the emotional and administrative burden on carers in the event that their
patient passes away.

This blog will cover some essentials when it comes to planning for later life, including legal,
financial, and personal considerations.

What is a Power of Attorney?

A Power of Attorney (PoA) is a legal document that allows a person (the principal) to appoint
someone else (the attorney) to make decisions on their behalf. Although the ‘Attorney’ can
be — and often is — a lawyer of some kind, anyone can be an ‘Attorney’. They just need to
be a legal adult in the relevant jurisdiction and be deemed capable of making PoA-related
decisions.

There are different types of PoA, such as:

● General Power of Attorney: manages a broad range of matters for a specified
period
● Enduring or Lasting Power of Attorney: remains in effect even if the principal
loses mental capacity

Having a PoA ensures someone you trust can manage your affairs in the event that you’re
unable to do so yourself. Your appointed ‘Attorney’ can then make financial decisions,
healthcare choices, and handle other critical matters.

If you’re not sure where to start but want to establish a PoA, contact a lawyer, notary, or your
local citizens advice office. They can advise you on the type of POA you need, and how to
obtain one.

Revolut customers should contact our Support team once they’ve established a PoA. You
can share the PoA details with our Support team, who will also request a selfie from you to
verify your identity. You should have your ID nearby as you’ll need to hold this up in your
selfie. All of this is for your safety, but once you go through this process and we’ve verified
your PoA, you can relax knowing your finances are protected in every circumstance.

If you don’t have a Revolut account but contact us about setting up a PoA
(and how we can help with your later life finances), our agents may ask you for some extra
details.

Will writing

A will is a legal document that outlines how a person’s assets and affairs should be handled
after their death. It can include details about asset distribution, guardianship of minor
children, and funeral arrangements. A Letter of Wishes can accompany a will, providing
additional guidance to executors and family members, though it isn’t legally binding.

For terminally ill patients, a will ensures that their wishes are honoured and prevents
potential conflicts among those who are due to inherit from them. Clear instructions about
assets, as set out in a will, help to prevent legal disputes and make matters easier for loved
ones as they grieve. Without a will, the estate is distributed according to local laws, which
might not reflect the deceased’s desires.

Safely storing financial information

It’s essential that relevant financial and legal information is both securely stored and
accessible for the right people. This includes bank account details, insurance policies,
investment accounts, and other financial assets.

Here are some tips on how to make sure your financial information is safe, but can be
accessed by those you trust:

● Always keep original documents in a safe place, such as a fireproof safe
● Only share access to important documents and information with people you trust
● Ensure that your appointed attorney or trusted family members know how to access
these documents when needed

Funeral plans

Planning a funeral in advance can relieve loved ones of additional stress further down the
line, during their time of grief. It allows patients to make personal choices about their funeral
service, burial, or cremation preferences, and to outline any specific wishes they may have.

● Discuss your preferences: have open conversations about funeral wishes with family
and carers
● Document decisions: write down all of your preferences as clearly as possible and
share them with the will or estate planner
● Consider pre-paid plans: some people opt for pre-paid funeral plans to manage costs
and ensure arrangements are as desired, which can alleviate stress for loved ones
later

Bereavement support for carers

Coping with the loss of a loved one is challenging. At Revolut, we have a specialised
Bereavement team who are there to support caregivers and loved ones during this difficult
time.

There are different timeframes for when a death must be registered, depending on the
jurisdiction where the deceased lived. Once you register the death, the relevant registry
office will issue you with a death certificate. You will need that certificate to handle the
deceased person’s affairs, including their Revolut account.

You can contact us by emailing [email protected]. You will need to provide:

● The deceased’s full legal name, date of birth, and linked phone number/email
● Your full legal name, email address, and relation to the deceased
● Key documents such as your ID, the death certificate, and any necessary legal
documents (like the Grant of Probate)

Read more about which documents are necessary in this FAQ on what happens to a Revolut
account when the account holder passes away.

Once we receive the information we need, we will:

● Cancel all scheduled outbound payments, including direct debits and standing orders
● Cancel all paid services the deceased had with us
● Terminate the deceased’s Revolut cards
● Stop all marketing and servicing material communications
● Inform you of everything we need to settle the estate (for example, what we’ll need to
transfer any remaining account balances to the deceased’s inheritor/s or solicitor)

We’re here for you, now and later

Planning for later life is an act of care and foresight, but we know it’s not easy. By addressing
legal, financial, and personal matters, patients and carers can ensure that wishes are
respected. This makes the transition after a loss as smooth as possible for everyone affected. At Revolut, we want to support you however we can as you plan for later life, or work with your
carer or PoA to protect your assets. If you need further assistance, reaching out to a
professional advisor is always the best way to navigate these complex matters.