How much do they charge for....

Harrap

I have a very complex banking and investment structure consisting of 25 (yes 25 current accounts), 15 credit cards and some 20 or so separate investments.
I am 73 and may need to go in a care home at some point in time. I am wondering how any local authority, official solicitor or whoever will deal with my finances and how much they will charge to administer, wind up my complex affairs. Most important will they be liable for damages if they mismanage say my complex direct debits/standing orders which if mismanaged would rapidly incur massive banking penalties. I spend a good 3 days every month ensuring everything runs smoothly and penalty free. Anyone who does not know my strategy would struggle and easily end up mucking things up. More to the point spend days and days managing my accounts, running up costs and billing me. Is there some way of limiting such admin charges?

SailorSam

I think the best place to start is by closing down 24 of your bank accounts, and transfer everything into a single a/c. Same thing with your credit cards if you can.

Harrap

SailorSam wrote: »

I think the best place to start is by closing down 24 of your bank accounts, and transfer everything into a single a/c. Same thing with your credit cards if you can.

Thanks for your reply. If I were to do so, I would lose about £1500 worth of incentives annually from banks/credit card companies.

kingfisherblue

Harrap wrote: »

Thanks for your reply. If I were to do so, I would lose about £1500 worth of incentives annually from banks/credit card companies.

If you don't, you sound as though you fear losing far more if someone else has to look after your financial affairs.

fairy_lights

What you lose in incentives you will surely make up for in time and stress saved by having a simpler banking system?
There must be ways you'd rather spend your time than spending three days a month organising your finances?

Guest101

£1500 per year? 3 days per month. That's £41 per working day.


You'd make more doing a minimum wage part time job....

Harrap

Guest101 wrote: »

£1500 per year? 3 days per month. That's £41 per working day.


You'd make more doing a minimum wage part time job....

Thanks for your reply, but I still would like answers to my questions.

Harrap

kingfisherblue wrote: »

If you don't, you sound as though you fear losing far more if someone else has to look after your financial affairs.

Thanks for your reply. I still would like answers to my questions.

Harrap

fairy_lights wrote: »

What you lose in incentives you will surely make up for in time and stress saved by having a simpler banking system?
There must be ways you'd rather spend your time than spending three days a month organising your finances?

Thanks for your reply but I still would like answers to my question.

arbrighton

People have replied, it just isn't the answer you want

k3lvc

Harrap wrote: »

Thanks for your reply. I still would like answers to my questions.

I'm sure you would but in simple terms you've created an overly complex financial model, expect someone else to pick up the pieces when you can't manage it and expect to be able to hold them liable if they don't continue to manage it in the way you want :rotfl:

If someone needs to manage on your behalf then their responsibility will be to liquidate/simplify and free up capital rather than looking at longer terms gains - if you want to maintain the gains then you need to employ someone to do it on your behalf and it's likely to cost you a damn site more than the benefit you're seeing at the moment.