Nice people thread part 8 - worth the wait

HAMISH_MCTAVISH

tomterm8 wrote: »

Hamish, you more or less have it set up in the way I would if I were married. Although, I think both partners should have a months savings in their own named bank account.

But that is more paranoia than anything (I've heard of joint bank accounts being frozen after death and it takes time to get the paperwork in order)

Yeah, that's about right.

We each have a month or two in our personal accounts most of the time, and access to a few months more worth of individual credit cards for emergency cash flow if need be.

Cards are set up with different providers to our banks to avoid any potential issues.

We also maintain a couple of accounts with smallish cash balances (under 2K) and attached credit cards cards offshore, just things we never closed down from residing overseas.

And as old habits die hard, we still keep go bags with a bit of cash, a spare passport, change of clothes, etc, to hand. Although the Krugs that used to live in the bags are now safely in a deposit box at the bank. As lets be honest, Aberdeen doesn't quite carry the same level of risk as some ar5e end of nowhere town in the middle east or africa, and it's more likely that pre-packed bags will be needed for an urgent business trip than an urgent evacuation these days.

Better safe than sorry, and a healthy level of paranoia regarding the outside world and financial institutions is, funnily enough, quite good for you in my experience.

Much as complete trust in your partner in times of crisis is essential to the best possible outcome.

SingleSue

michaels wrote: »

Piano for dd1 is 15 quid for half an hour and that was one of the cheaper teachers. Other instruments you can do as group lessons at school which is cheaper.

Middle son has had very few lessons, he had some at the PRU he was at and a few at his high school (which I paid for) but mainly his learning has come from watching You Tube videos and just bashing about on the kit. For the guitar, he has had no lessons, the same for the Ukelele and piano/keyboard.

He is one of those annoying kids who will pick up an instrument and be able to play the blooming thing, the same with learning songs, he only has to listen to something a few times and he has got the general gist of things. I help him with vocal training though.

LydiaJ

Nikkster wrote: »

'Scale' was likely a poor choice of word on my behalf. I meant more along the lines of what PN said.
I wouldn't even consider a flat in a large block, even if it was swanky and new (would probably be overpriced and with hefty service charges etc).

So, the slightly more expensive/ more recently listed one has an offer in which is likely to be accepted.
The only which appears to have been on the market since almost the dawn of time, probably really is still on the market. The estate agent (who I can only assume had a really heavy night last night/ isn't the sharpest knife in the drawer anyway) sounded about 80% sure it was still up for sale. He was going to call the owner and see if I could have a look around. I'm not convinced he wouldn't have forgotten as soon as I walked out of the door mind you!

I suspect the contrast between houses and flats is rather different in London, where all sorts of people live in flats who would almost certainly live in houses if they were in any other part of the country.

tomterm8 wrote: »

That's a bloody stupid way to set up your financial arrangements.

No offense intended.

A) The inland revenue isn't stupid and
b) If she died tomorrow, you might not be able to access the money for months.

Indeed. If she dies, you won't have access to the money until you get probate, which could be ages. OTOH, any money in a joint account just becomes yours when she dies.

michaels wrote: »

I can't see what the revenue would have to stay, afaik husband and wife can transfer assets between each other without any tax implications. May be true about the second issue but it would not be a problem.

You're not doing anything the inland revenue would mind about. However, please get an enduring power of attorney so that you have access to the money if she becomes incapacitated. Do you have a policy on her life? If so, that should pay out directly to you if she dies, and tide you over until you get probate and can get at all the money that you regard as belonging to you both but which is legally in her name ATM. If not, please get one. Now. And get one that will pay out to her if you die. People can and do die (or become incapacitated) without any prior warning whatsoever, and children who lose a parent need the remaining parent to be able to focus on the kids and their needs, and not to be worrying about whether there is enough money for stuff.

LydiaJ

I went to DS's parents' evening a few days ago. All the teachers say he is a lovely boy with a great attitude and trying his best. However, too many of them say he has plenty of ability in their subject but doesn't fulfil it because his literacy lets him down. Meanwhile the senco says he has improved a lot and they are thinking of taking him off the register. The problem is that the special needs dept only has the funding to help those who are struggling in an absolute sense, whereas his literacy is only bad relative to his intelligence and general ability. I have been talking to a friend at my own school who recommends a friend of hers (retired special needs teacher) who does private tuition and did wonders for the son of somebody else where I teach.

So, how many NP have kids doing exams this summer? How are they going so far?

SingleSue

All 3 of mine are doing exams currently...which is not going down well with youngest.

Eldest has had one already but because it is drama, it was a practical exam. Middle son has had three and they seem to have gone ok (he has 15 in total)...youngest has his first one this week coming.

PasturesNew

Spirit wrote: »

Over supper I told OH about this thread and all of the people on it.

Did you tell him you'd already gone alone and met one in the woods?

PasturesNew

For LIR: http://www.dailymail.co.uk/news/article-2326686/Auditioning-panto-No-theyre-sporting-latest-equine-fashion-Customers-chomping-bit-horse-onesies.html

chewmylegoff

tomterm8 wrote: »

It's not just about trust, is it? She can act entirely honestly, and you can still lose all your savings.

Can't they just set up an enduring power of attorney to cover that risk?

tomterm8

chewmylegoff wrote: »

Can't they just set up an enduring power of attorney to cover that risk?

No, it only mitigates some of the risks, not all of them.

vivatifosi

tomterm8 wrote: »

Hamish, you more or less have it set up in the way I would if I were married. Although, I think both partners should have a months savings in their own named bank account.

But that is more paranoia than anything (I've heard of joint bank accounts being frozen after death and it takes time to get the paperwork in order)

We have separate accounts always have done always will do. Main asset in joint names, others (cars etc) in individual names. We have no kids so have a rule that we can spend whatever we like on whatever we like providing the basics are covered and it is not the other person's business. It's very hands-off but that's how we like it. We don't have kids. It isn't a high risk strategy as we've been together a long time and have very similar attitudes to money (as in we're both pretty prudent).