Elderly executors

loulou41

I am in the process of making new wills. We are getting on hubby is 76 and I am 69. I just want some advice Will it be better if I name my daughter and son as executors? Or I could put his name what if he loses mental capacity and cannot act? Even now with his full faculty he will need help. He is one of those who just sit down and let the other half get on with the finances. He was not like that but since modern technology he said it is too complicated for his old brain. Will only browse reading newspapers. Any advice appreciated.

Savvy_Sue

Well, if he would be offended by not being named as executor then put him, and your son and daughter. He can stand down if he doesn't want to be involved, or go for 'power reserved'.

Keep_pedalling

Putting him and both your children as executors will just about every situation.

That is what we have done with our wills.

loulou41

Thanks I will do that do not want to offend him. Hubby and the two adult children.

getmore4less

Good practice for the kids to get involved on first death where one parent remains and might still have a clue about the finances.

on second death they are on their own.

if you want to make the process easier all round do a practice run starting with PA1 and IHT205 and document the information needed.

eddyinfreehold

We are in our late 50s/early 60s . We have 3 children in their early 20s . In recent years they have experienced the death of their grandparents and the grieving process, the technicalities of funerals/memorials and the law etc. It prompted us to update our wills. 2 of the 3 children are capable of being executors, one is not owing to a disability. The four of us have discussed our financial situation clearly. Either I or my wife will inherit everything and carry on, but in the event of the second death or a joint death they will become the executors and beneficeries and will operate a trust for their sibling. It is good to discuss this sort of thing openly and to discuss tax plans, sums of money, assets etc. If my father had done that and not kept his wealth in a cardboard box and locked the door when he checked it, then we would not have been liable for Inheritance Tax he erroneously believed was not due. Personal wealth and public knowledge of ones salary being kept very private is a very British thing it strikes me, and it very often ends in tears later. Let the youngsters have that responsibility, they are 30 times quicker to grasp the problems, carry less burden of family guilt, and are well up for it. There is a hell of a lot to be said for the youth of today.

Margot123

From another perspective, I am personally involved in the administration of a nearest-and-dearest's estate, along with my Brother.
The one thing the testator fails to consider is the emotional effect on those appointed as executors. My Brother and I are now in a complex legal battle whereby he has laid siege to the estate property. We were once on very good terms but money changes people.
I so wish that the testator had appointed a solicitor. Yes, it would have cost a lot more but the stress is just about draining me to the point that I will have to give in and forget about any inheritance at all.

Keep_pedalling

Margot123 wrote: »

From another perspective, I am personally involved in the administration of a nearest-and-dearest's estate, along with my Brother.
The one thing the testator fails to consider is the emotional effect on those appointed as executors. My Brother and I are now in a complex legal battle whereby he has laid siege to the estate property. We were once on very good terms but money changes people.
I so wish that the testator had appointed a solicitor. Yes, it would have cost a lot more but the stress is just about draining me to the point that I will have to give in and forget about any inheritance at all.

I think in reality those situations are quite rare, and can be avoided by explicit wording in the will, e.g. Stating that property must be sold and the proceeds split. I would certainly not appoint a bankrupt child as an executor that is simply asking for trouble.

loulou41

getmore4less wrote: »

Good practice for the kids to get involved on first death where one parent remains and might still have a clue about the finances.

on second death they are on their own.

if you want to make the process easier all round do a practice run starting with PA1 and IHT205 and document the information needed.

Thanks for your good advice. Just had a look at the forms IHT205 very confused. I do not know how I can put a value of house contents and personal belongings as they will be fit to be dumped. Also I gave an allowance of £1000 out of income for my grandson 's future each month. My sister has been poorlly and needed surgery and she has to pay as she lives abroad where you have to pay for your medical bills. I gave £4000 to help with the costs and for inheritance purpose I will have to declare this and I cannot see how she can repay .I do understand the 7 yrs rule does this mean I have to declare any gifts I have made within 7 yrs. I do buy expensive gift for son over 1k I do not need to declare all this. I was just looking at the form and find it hard to understand and fill. My half share of the house will be in a trust when I die not sure what to put on the form. I guess will advise daughter to get a solicitor to handle it. I do not think I will be over 325k as the house is only worth about 300k . Trying to do practice run and it is giving me headache. Hope I go before hubby.

Keep_pedalling

Contents is fairly simple, just put a nominal value on the lot.

Gifting requires good record keeping. Gifts out of income are exempt, but you need to be careful with those, because you can't for instance gift £12k from income and in the same year draw £20k from savings to go on a world cruise or buy a new car and claim exemption on the gift because it is not surplus income. You could, under those circumstances, however claim £3k from your annual gift allowance (£6k for a couple).

Yorkshireman99

As executor you can still appoint a solicitor to take of the job.