Lasting Power of Attorney and amending Wills

Sunshine_and_Roses

After a discussion with my parents, we are looking at setting up a lasting POA naming myself, and they also want to update their wills to make me executor.

I have contacted their solicitor, they are quoting £225 +vat each for POA, and £95 +vat each for a codicil to add me as executor. Or £125 +vat each to update wills.

This seems really expensive. Is their a cheaper way of doing this? Think I have missed free wills month to do new ones.

Any ideas appreciated.

Mojisola

clareski wrote: »

After a discussion with my parents, we are looking at setting up a lasting POA naming myself, and they also want to update their wills to make me executor.

I have contacted their solicitor, they are quoting £225 +vat each for POA, and £95 +vat each for a codicil to add me as executor. Or £125 +vat each to update wills.

If the only change is the executor, you could type the wills into your computer, make the change, proof-read several times and print new ones. Make sure the wills are signed according to the law.

Yorkie1

And if you do do as Mojisola suggests, best to let the solicitor know if they are storing the originals of the previous version.

Mojisola

Yorkie1 wrote: »

And if you do do as Mojisola suggests, best to let the solicitor know if they are storing the originals of the previous version.

If your parents make new wills, they should ask for the old wills and destroy them.

Sunshine_and_Roses

Thanks. Did not realise I could do that, great suggestion. Does it have to be sealed by a ssolicitor?

I have been considering doing the POAs on line, costing £130 each. Will read through the paperwork to see what it entails, might be too complicated.

Mojisola

clareski wrote: »

Does it have to be sealed by a solicitor?

Not sure what you mean by this.

It would be worth reading the Which? books on wills and probate to get general advice - don't staple the sheets of the wills together, make sure it's signed correctly, etc.

nearlyrich

Take care saving a few quid now doesn't work out expensive later on...

runninglea

If the current executor is the solicitor will the solicitor allow these changes?

Also can the poa be the executor?

Mojisola

runninglea wrote: »

If the current executor is the solicitor will the solicitor allow these changes?

Also can the poa be the executor?

The solicitor can't stop you writing a new will. An executor has no powers until after the death.

Yes, you can have POA for someone while they are alive and then be their executor after their death.

runninglea

sorry but can you also be a benefactor from the will as well as poa and executor?

What do you have to do in respect of the old will? Do you have to tell the solicitor they are no longer executor?

Mojisola

runninglea wrote: »

sorry but can you also be a benefactor from the will as well as poa and executor?

What do you have to do in respect of the old will? Do you have to tell the solicitor they are no longer executor?

Yes. I have POA for my father at the moment. That power will finish when he dies. I will then be the executor and one of the beneficiaries of his will.

What you can't do is be a witness to the signing of the will and a beneficiary. If you or your spouse/civil partner witness a will then any legacy left to you in the will fails.

It is best to get the original, signed previous wills and destroy them.