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🇹🇼 Taiwan /Economy & Trade

Man finds father's $930,000 in stocks after dementia diagnosis, faces access issues

From Liberty Times · () Chinese

Translated from Chinese, summarized and contextualized by DistantNews.

At a glance

News Sources not specified Context piece
  • A Japanese man discovered his father, who has dementia, owned stocks worth approximately $930,000.
  • The family cannot access the funds because the father cannot confirm his intentions due to his condition.
  • The case highlights the importance of planning asset management while individuals can still clearly express their wishes.

A Japanese man was stunned to discover his father, who has dementia, possessed stocks valued at around 140 million yen (approximately $930,000 USD). The son, Naoki, returned home to manage his parents' assets after his 80-year-old father, Sadao, was diagnosed with the condition. While Sadao confidently stated he had "plenty of money," Naoki found only 500,000 yen in regular savings and 10 million yen in fixed deposits. Banks indicated that withdrawals would be difficult without Sadao's direct confirmation of intent, except for essential medical expenses.

The most significant discovery came when Naoki found documents in a biscuit box in the family's Buddhist altar. His father, who worked for a manufacturing company for 38 years before retiring at 60, had been participating in an employee stock ownership plan since his 30s. He invested about 50,000 yen monthly and never sold the shares, even after retirement. Over nearly 20 years, the stock value grew from just over 10 million yen to 140 million yen.

I have plenty of money, don't worry.

— SadaoSadao's confident statement to his son about his finances before the extent of his assets was known.

With the house, savings, and life insurance, the couple's total assets reached approximately 180 million yen (about $1.2 million USD). However, the securities company informed Naoki that the family could not sell the stocks or withdraw funds without confirming Sadao's intentions. Similarly, the life insurance policy required Sadao's personal confirmation for cancellation, as no agent authorization was pre-arranged.

This situation underscores a growing concern in Japan, where the prevalence of dementia and mild cognitive impairment among the elderly was 27.8% in 2022 and is projected to rise to 30.5% by 2040. The case serves as a stark reminder that possessing substantial assets does not guarantee access to them when needed. It emphasizes the critical need for individuals to arrange their asset management plans while they are still capable of clearly communicating their wishes.

Because we cannot confirm the father's intentions himself, even family members cannot handle stock sales or withdrawals from the account.

— Securities Company RepresentativeThe explanation given to the son why the family could not access the discovered stock assets.
DistantNews Editorial

Originally published by Liberty Times in Chinese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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