Investment fees?

jem16

r_i_c wrote: »

Hopefully it will: pensions are reliable, investments not so.

Pensions are neither reliable nor unreliable - it's just a tax wrapper like an ISA.

Defined Benefit pensions like your TPS is reliable as it's a guaranteed index-linked income for life with no investment risk.

The state pension is also reliable as it's also a guaranteed index-linked income.

Defined Contribution pensions like your SIPP are invested and therefore not as reliable as they are subject to ups and downs. However from that you can choose to purchase an annuity to give a guaranteed income. Some people prefer to use drawdown so still subject to investment risk but has other advantages.

If I can improve my state pension in succeeding years I will make every effort to do so. The DWP seemed to think there would be no problem here ~ tax year 2016-17 ~ CAB kindly phoned them on my behalf.

What I was meaning is to see what it will cost as no announcement on that has been made.

r_i_c

According to the DWP £733.20 per year would increase my SP by £4.32 a week, and I would hope to continue the yearly contribution up until the last tax year before the SP was due. I haven't done the maths yet but as you say SP is at least reliable income.

r_i_c

Hi,

Re: Post 12 https://forums.moneysavingexpert.com/discussion/comment/69173649#Comment_69173649

It appears a certain party are about to start litigation in respect of my late mother's will. Considering legal fees, might it be wise to postpone my IFA appointment? Yes, the first visit is free & no obligation but additionally my hands are suddenly filled with potentially a lot of work to do for my solicitor in advance of what may or may not come to pass :-|

Many thanks

badger09

r_i_c wrote: »

Hi,

Re: Post 12 https://forums.moneysavingexpert.com/discussion/comment/69173649#Comment_69173649

It appears a certain party are about to start litigation in respect of my late mother's will. Considering legal fees, might it be wise to postpone my IFA appointment? Yes, the first visit is free & no obligation but additionally my hands are suddenly filled with potentially a lot of work to do for my solicitor in advance of what may or may not come to pass :-|

Many thanks

Is this 'certain party' known to you? I thought it odd that someone unknown to you should contact you with the offer of a loan.

Does the solicitor's letter say on what grounds they are 'querying' your late mother's will? What does your own solicitor say about it?

dunstonh

If its some unknown coming out of the woodwork making a claim on the estate then that is actually quite common. I have known several estates suffer that and in each case the claim was thrown out.

xylophone

You did not accept a loan from the party concerned (presumably a friend or relative) so do not owe him any money in that respect.

On what basis is he contesting the will?

r_i_c

badger09 wrote: »

Is this 'certain party' known to you? I thought it odd that someone unknown to you should contact you with the offer of a loan.

Does the solicitor's letter say on what grounds they are 'querying' your late mother's will? What does your own solicitor say about it?

Thanks Badger and Dunstonh,

Unfortunately, the party concerns an 'in laws' aspect and the party is very well known to me. The initial querying began with alleged vague promises to this party concerning finances, by persons now sadly deceased who made a will, the will of my mother's late spouse. However, there was never any witness or documentary proof for such promises, and none are mentioned in the will. By the time the opposing solicitor's letter arrived the querying had stretched to the 'integrity' of my mother's will, in terms of her health - which was excellent at the time - and her capability, and she was indeed both able, fit and sound in body and mind when she drafted her will two years ago, which was then professionally drawn up by a solicitor, and witnessed in the same office.

Obviously this is a live issue so I don't want to go into any detail. My solicitor is to contact me in the near future.

Do you think I should put the IFA on hold please? I just have no idea - there may be legal costs involved - no idea what I am going to have to go through in the coming months now, so relatively soon after the sad passing of mum

Many thanks.

r_i_c

xylophone wrote: »

You did not accept a loan from the party concerned (presumably a friend or relative) so do not owe him any money in that respect.

On what basis is he contesting the will?

I was told not to touch the offer with a 'barge pole'. Immediately after I declined, the FD received an anonymous phone offer to pay for the funeral costs, all of them; then the same person demanded to know the 'name of the solicitor involved'. The FD was quite taken aback by this but suggested the mystery caller contact the executor, which was me. They never called.

The FD asked me did I know anything about the mystery female caller? I am still trying to figure out who it was, and what it was all about? They eventually rang off without leaving any details as to who they were.

The basis for contesting the will appears in the above post.

Thanks.

badger09

I haven't gone back through the whole thread but I do know you've had an awful time recently.

Do you now have enough income or readily accessible money to live on for, say, the next 4 - 6 months? If the answer is yes, then you can probably postpone the IFA meeting and leave your investments as they are.

If the answer is no, then it would make sense to have at least the initial meeting, with a view to securing your short term financial security. You could then take some time to consider longer term plans in a best case (other party leaves the equation) or worst case (other party has a valid claim).

Just my opinion:o

r_i_c

badger09 wrote: »

I haven't gone back through the whole thread but I do know you've had an awful time recently.

Do you now have enough income or readily accessible money to live on for, say, the next 4 - 6 months? If the answer is yes, then you can probably postpone the IFA meeting and leave your investments as they are.

If the answer is no, then it would make sense to have at least the initial meeting, with a view to securing your short term financial security. You could then take some time to consider longer term plans in a best case (other party leaves the equation) or worst case (other party has a valid claim).

Just my opinion:o

Thanks, and for your kind comment - think I can wing it for a maximum of 6 months but by then I should have some sort of income. I don't consider the claim valid at all, but that will now presumably be decided by professionals and in this I am confident.