Benificiary/executor problem please

EnfieldP17

( Moderator please move if required )
Hello.
Could anyone please offer advice or hints on the following matter?

I am a pensioner, 67 years old but still fit and active. However, as a result of recent events, I now find myself in the situation that I no longer have any benificiary for my will and nor do I have anyone whom I could ask or trust to act as executor.

Owning my own small house outright and with savings of just over 250K, I am concerned as to what would happen if I were to be taken ill or incapacitated in some way. The money is mainly in fixed bonds and ISA's. Given past examples that I have seen, I am willing to involve a solicitor but not to hand over total control.

Would welcome input from persons who have seen this type of situation before or perhaps, have found themselves in a similar situation.

Thank you, Pete.

getmore4less

Read up on the rules of intestacy, that gives the pecking order for those that get to inherit your assets.

You should also look at LPA

Sea_Shell

Who is OP supposed to grant LPA too though if they don't have anyone close enough to make executor or beneficiary of their will?

Tigsteroonie

EnfieldP17, can I be your friend?

AnotherJoe

So there's two very different questions here.


First one is easy, assuming there are no people you wish to make beneficiary, pick a charity or three, assign a solicitor as executor, job done.


Second one, who looks after you should you become mentally incapacitated, for example dementia. That ones much harder. I dont have an answer other than to say if its that bad, you'll be in no position to know whats happening anyway.

I suppose whats needed is a "professional" attorney who would, for a fee, comply with your wishes such as for example sell the house and place you in a care home until the money runs out at which time the state takes over, though statistically your house and pension should cover you before you reach that state. Whether there is such a profession that fulfils these functions, i have no idea, I agree I wouldnt like to leave it to most solicitors.

AnotherJoe

Ps there is a deaths and probate forum I suggest you repost there.
https://forums.moneysavingexpert.com/forumdisplay.php?f=217

lisyloo

ou might get more help on a more appropriate board (there is one for wills).

You are talking about 2 things.
Firstly the will. This is relatively simple. Get a will set up and I’d advise through a solicitor. If you do your own you risk it being invalid or unintended consequences so if you want to be sure your wishes will be fulfilled as you ask pay for a solicitor. Write down all your wishes about money and your funeral/ashes and ask the solicitor to be the executor. They will charge of course but that’s the price for peace of mind.
If your wishes are specific then there’s no reason you shouldn’t expect them followed (unless you’ve done something like written out dependents).

The second is lasting power of attorney (LPA) if you do not have capability. There are two types, one for property and finance and one for welfare.
This is more expensive as managing someone’s money is an on going activity rather than a one-off like a will.
However I think the same applies here, you can appoint a professional attorney(s).
You can document all your wishes regarding treatment e.g. when you would like a DNR (do not resuscitate) and you could even choose some residential/nursing homes if you wanted to go that far (believe me some of them are awful). The more specific you are the more likely you’ll be treated as you would have wished,
You obviously need to be mindful of the on-going fees as you could still live 30 years.

Perhaps try the wills board.

Btw - were just having a family discussion about where to put ashes and there is a difference of opinion within the family. Our parents paid for their funeral but didn’t specify, so include that too.

elsien

In my experience, solicitors are generally willing to take on the financial power of attorney but not that for health/welfare.
That would leave any health decisions or decisions about where to live down to the relevant professionals if you were unable to make them yourself, under the Mental Calscity Act best interests process.
In practice, if you were a self funder, the local authority would be less likely to get involved unless there were particular issues. Your solicitor could fund care at home for you while practicable and involve the local authority if/when the assets to be taken into account get below the required level.
You can either set up the power of attorney to kick in only when you've lost capacity, or you can ask them to take over certain aspects for you when well, as and when you instruct.

Mojisola

elsien wrote: »

In my experience, solicitors are generally willing to take on the financial power of attorney but not that for health/welfare.

That would leave any health decisions or decisions about where to live down to the relevant professionals if you were unable to make them yourself

In that case, you could get a letter of your wishes kept with your GP and hospital notes. That will give the health professions guidance on how you want to handle serious health issues and end of life plans.

lisyloo

Mojisola wrote: »

In that case, you could get a letter of your wishes kept with your GP and hospital notes. That will give the health professions guidance on how you want to handle serious health issues and end of life plans.

There’s treatment but residential/nursing care is another matter.
The type of activities that family members typically carry out are

1) choosing the home in the first place - that’s a biggy
2) make sure the person has familiar attire, possessions around them
3) make sure the person has appropriate food they would like if they could express an opinion
4). Make sure the home are informed how the person is to be dressed as they would wish e.g. some ladies like pearls and lipstick and like to get their hair done once a week.
5) make sure the person receives activities they like e.g. pampering, bingo, shopping
6) make sure the care is up to scratch and call meetings, write complaints when not.
7) furnish the home with information so they can talk about their husband, children, dog etc.

I.e. the scenario of living without capacity has to be catered for as well as illness and dying.

This is tricky to anticipate in advance, but there’s no reason why everything I’ve speficied e.g. food, clothing preferences, can’t be recorded especially if it’s important.
It’s just hard to anticipate everything in advance, but as with everything else best efforts is a lot better than nothing.

EnfieldP17

Very many thanks to you all for the replies. Food for thought there.
Not sure how I missed the "Wills" forum, should have been obvious.
Many thanks again Pete.