How much do they charge for....

SailorSam

I think the answer to your question would be .....
I imagine any sort of financial help would be quite expensive.

Harrap

arbrighton wrote: »

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

Thank you for your reply. I really do want to know how much they (official solicitor, other officials etc ) would charge for administering my affairs.

Harrap

SailorSam wrote: »

I think the answer to your question would be .....
I imagine any sort of financial help would be quite expensive.

Thanks. Now if lets say the Official Solicitor were to administer my affairs, first how much will the charge be and will he/she be liable for damages if they ran up penalties if he/she failed to pay lets say my credit card on time?

LilElvis

Wealth managers, solicitors and accountants cost hundreds per day (some cost thousands). Certainly more than £1500 for 36 days work per annum.

melanzana

With respect I think you should pay for financial/legal advice re your rather complex banking situation.

No one here will be able to give a definitive answer, and even if they did give an answer that suits you, how do you know it is correct?

25 current accounts sounds a bit much though have to say!

meer53

Why do you need to keep such a complicated arrangement going ? Do you or your family depend on it ? If you were to die tomorrow, it would get sorted. If you want to know how much it will cost, get some quotes. A bit pointless really though, without a crystal ball how is anyone going to be able to tell you how much it will be ?

peachyprice

The local authority or 'official solicitor' will have no interest in administering your complex financial affairs if you go in to a care home. Your care home fees will come from whichever account you nominate/your main bank account with the remaining accounts being left dormant until your estate is wound up when you eventually die.

If you want your complex financial arrangement to continue it will be up to you to instruct an accountant/IFA/similar to act on your behalf before such times that you are no longer able to instruct anyone. If, as you say, it takes 3 full days to administer, for a profit of £1500 you will be out of pocket. Average accountant fees are £50 per hour x 6 hours per day x 3 days per month x 12 months = £10800 Plus fees for setting everything up in the first place.

If you think you're going to be able to pay someone to carry on with this 25 account arrangement once you are incapacitated and still make money you are piddling in the wind.

robotrobo

peachyprice wrote: »

The local authority or 'official solicitor' will have no interest in administering your complex financial affairs if you go in to a care home. Your care home fees will come from whichever account you nominate/your main bank account with the remaining accounts being left dormant until your estate is wound up when you eventually die.

If you want your complex financial arrangement to continue it will be up to you to instruct an accountant/IFA/similar to act on your behalf before such times that you are no longer able to instruct anyone. If, as you say, it takes 3 full days to administer, for a profit of £1500 you will be out of pocket. Average accountant fees are £50 per hour x 6 hours per day x 3 days per month x 12 months = £10800 Plus fees for setting everything up in the first place.

If you think you're going to be able to pay someone to carry on with this 25 account arrangement once you are incapacitated and still make money you are piddling in the wind.

thats better than piddling in the bed at the care home:rotfl:

enthusiasticsaver

It would not be financially worth it to get an accountant to look after current accounts, credit cards etc. If someone else was managing your money they would close 24 bank accounts down and all the credit cards as you would not need them in a care home.

They will charge on an hourly rate which can be anything from £50 per hour to £250 depending on their specialism.

It would be unrealistic to think that your present arrangements could continue and be profitable if you were no longer able to do it. The way of limiting it is to simplify your finances so money does not need shuffling about 3 times a month or set it all up by standing order so it is automatic.

lush_walrus

Can you not assign someone to manage your affairs should you go into a home, a relative for example? If you wrote out clear instructions perhaps they would administer it for you.