Great 'Unpleasant issues of age chat' Hunt

Errata

Can anyone explain how and for whom Cancer Research will fund the cost of making a will ? I haven't come across anything on the Cancer Research site other than a reference to the Free Wills scheme which require the willmaker to make a donation in return for a solicitor drawing up a will for no charge.

size3shoes

I am always surprised that so many people pay strangers to be executors of wills. I have been the executor of 4 Wills, my father-in-law, mother-in-law and 2 of my husband's aunts. In only one case, which was particulary complex, did we find it necessary to use a solictor to do the legal work involved in obtaining probate. In all the other cases, I did all the work myself (for no charge whatsoever). The forms to fill in are quite straightforward and there are a number of books on the market that guide you through it. The interview you have to have at your local probate office is not difficult at all and the people who have interviewed me have been very nice. Even if you do not want to do the actual form-filling yourself, it makes sense for a family member or members to be named as executors and then to instruct a solicitor to do the actual work. The family then has control of the situation.

mervyn67

On an extremely unserious (or is it?) note.
I saw a friend from many years ago just after I had passed 65.
It led me to an odd thought.
When you are under retirement age what you have to look forward to IS retirement.
After retirement what you can only look forward to is a box! or am I wrong?

linnethy

PLEASE everyone make a LASTING power of attorney & encourage your nearest & dearest to do the same. I know it isn't an easy subject to bring up and, yes, if it's done through a solicitor it will cost a few bob (although it is possible to download the paperwork from the internet & do it yourself) but it will save much heartache & financially misery in the long run. If you find yourself in the position of having to deal with the affairs of someone who no longer has the mental capacity to do it themselves & there is no LPOA in place the court of protection will become involved & that is an extremely frustrating, time consuming & much more expensive procedure.

hilstep2000

My Father has gone into a Nursing Home this week. I have a solicitor coming next week to hopefully do a POA so I can sell his flat to pay his care. One day he agrees, next he refuses. I only hope he doesn't refuse, or it will be more of a nightmare.

Bechet45

I've just finished writing my Letter of Wishes and talking it through with my nearest and dearest - emotional but not difficult.

Patricia C Byron has written a book called "Last Orders: The Essential Guide To Your Letter Of Wishes". It is not expensive but it is a fantastic guide to all that you need to think of around your dying and death, including informing your executors of all the stuff they will need to know, from where you have your slush fund banked to what your pets like to eat.

She lays the whole deal out, section by section, helps you get all your affairs in order. She makes lots of helpful suggestions, too - have you thought of this, have you thought of that, have you considered what if ..........?

debtdesperado

Definitely, definitely, definitely get a will AND a power of attorney in place as soon as you retire...

Make sure your POA covers 1. your financial affairs and 2. medical care - number 2 covers someone making the decision to switch off your life support or going into a home (obviously subject to medical advice).

The situation that a POA avoids is where one person in a couple is incapacitated from signing a document, eg by a serious stroke. If then they need to go into a care home, but the main asset is the jointly owned house, the house can't be sold without going through an expensive and lengthy court process (which if money is already tight might be difficult to afford) to get the incapacitated partner declared incapable. However, if the incapacitated partner has a POA, giving power to the capable partner, then the attorney can immediately step in and deal on the incapacitated partner's behalf.

The other thing to be careful of with wills is that you don't inadvertently disinherit children if you make mirror wills.

Eg, a situation where partner A dies, they have a mirror will so everything goes to their spouse, partner B. The children of A&B expect to inherit when B dies.

Except, partner B remarries to partner C and doesn't make a new will (marriage invalidates existing wills).

Partner B then dies unexpectedly, without a will stating that their assets should go to the A&B children, so partner C inherits everything.

A&B children then get nothing. Partner C may obviously decide to give partner B's assets to the A&B children, but the problem is that money ALWAYS brings out the worst in people, and particularly large sums of money. So give some thought as to whether mirror wills are appropriate (there are tax benefits to having mirror wills, which is why you are better off taking proper advice and not just doing it yourself), and also if you are a child of parents with mirror wills, make a mental to note if your parent remarries to get them to do a new will after their marriage.

Obviously, they might want to will everything to their new partner and not you, but that at least is their choice :rotfl:.

debtdesperado

Also seeing all the posts about DIY POAs - don't forget to register them at court, they aren't like a will where once it's made as long as someone finds it, it's valid, POAs have to be registered to be valid.

The other thing is once you have made a will, tell someone where it is (and your letter of wishes, and your list of financial institutions - keep them all together), so that it is easy to find.

Errata

Will Storage: Wills can be securely stored with the Probate Service for a one-off fee of £15. Don't get ripped off by any company or professional who can't match both that price and security.

ifan.goch

mervyn67 wrote: »

On an extremely unserious (or is it?) note.
I saw a friend from many years ago just after I had passed 65.
It led me to an odd thought.
When you are under retirement age what you have to look forward to IS retirement.
After retirement what you can only look forward to is a box! or am I wrong?

I have recently retired and am certainly not looking forward to a box. I am living life to the full now that my time is my own and have the time to do all those things I always wanted to but didn't have the time.

On a more serious note, I have discussed with my children which of them would feel able to act as executor to my will, and am also considering power of attorney and buying a funeral plan. I thought about making my house over to the children now rather than when I die, but decided against it in case I need to move to more suitable accommodation should I become incapacitated in later life.