How much do they charge for....

enthusiasticsaver

Harrap wrote: »

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?

You do know you can set your credit card up to pay in full by direct debit don't you? No chance of penalties then. Also how would you run up credit card bills in a care home?

PasturesNew

Nothing you can do to "maximise" your income from spreading your money about could ever compensate you for what it'd cost a professional to get to the bottom of everything you've got and close down all your accounts into one.

Do it yourself now.

thorsoak

Harrap wrote: »

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.

Read the website, and if you need clarification, either phone or email and ask. We, who do not run 24 current accounts, 15 credit cards and numerous investments are not in a position to help you.

Callie22

OH's aunt died a few years ago, she had many (many!) bank and building society accounts - our final reckoning was somewhere over forty accounts, some current, some old, some with a little in, some with a lot in. She did not leave much in the way of records and it's taken the better part of four years to sort out and finalise her assets - and we're still not sure that we've managed to track everything down. I accept that this case is a little unusual but it's cost many thousands of pounds in solicitor costs to sort everything out, in fact the legal costs have been equal (if not greater) than the eventual proportions that were left to family members. Dealing with all of this has really been a lesson learned in terms of leaving my financial affairs in as simple a state as possible, as the cost of having someone sort complicated affairs after death can be enormous.

SailorSam

Callie22 wrote: »

Dealing with all of this has really been a lesson learned in terms of leaving my financial affairs in as simple a state as possible, as the cost of having someone sort complicated affairs after death can be enormous.

After ny Mum died it took me weeks and weeks sorting everything out. I dread to think what a Solicitor would have charged, i can't imagine many of them like going through cupboards & drawers, or crawling around a dusty garage and loft to see if there's anything important. And remember Op, it's not just your bank accounts, but the house is going to be have to be cleared.

Harrap

enthusiasticsaver wrote: »

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.

Thank you for your comprehensive reply. I now have an idea of how much to expect to pay. My plan is, assuming I am mentally capable, to get my attorney to wind up my finances in an orderly manner under my guidance when I make the decision. It is going to be a lengthy/time consuming process and the attorney will need to take time off from work. I would like to pay the attorney for travel/time off from work. The attorney does not earn £50 per hour so my payment could not be considered exhorbitant so no one can say that I have deprived myself of funds. The payments will be strictly to wind up finances once and for all and not to continue with my scheme to keep the incentives. Thank you all for your replies.

Harrap

lush_walrus wrote: »

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.

Thank you for your reply.
I intend to but can you imagine how many hundreds of hours it would take them to talk to banks etc? I would like to financially compensate whoever I choose.

Harrap

SailorSam wrote: »

After ny Mum died it took me weeks and weeks sorting everything out. I dread to think what a Solicitor would have charged, i can't imagine many of them like going through cupboards & drawers, or crawling around a dusty garage and loft to see if there's anything important. And remember Op, it's not just your bank accounts, but the house is going to be have to be cleared.

Thank you. I am painfully aware of how much time would be needed and I want to compensate my attorney and that's why I needed a figure that would be reasonable to pay per hour spent.

Harrap

Callie22 wrote: »

OH's aunt died a few years ago, she had many (many!) bank and building society accounts - our final reckoning was somewhere over forty accounts, some current, some old, some with a little in, some with a lot in. She did not leave much in the way of records and it's taken the better part of four years to sort out and finalise her assets - and we're still not sure that we've managed to track everything down. I accept that this case is a little unusual but it's cost many thousands of pounds in solicitor costs to sort everything out, in fact the legal costs have been equal (if not greater) than the eventual proportions that were left to family members. Dealing with all of this has really been a lesson learned in terms of leaving my financial affairs in as simple a state as possible, as the cost of having someone sort complicated affairs after death can be enormous.

Thank you for your reply. It is precisely why I want to be able to pay my attorney a reasonable amount for travel/loss of earnings when he finally winds down my affairs.

Harrap

enthusiasticsaver wrote: »

You do know you can set your credit card up to pay in full by direct debit don't you? No chance of penalties then. Also how would you run up credit card bills in a care home?

. Thank you for your reply. Several of the credit card have a zero interest period. When that ends, unless the outstanding amount is paid off, interest close to 30% would be levied. Hence the need to closely monitor everything.