Re probate

joe134

Hi Guys,
I am familiarising myself with PA1P form. In case I go first.

My wife is to be executor, and the two kids are as well.


Is it better to just put my wife as only applicant in Q1 and put the kids in the box with C as powers removed?
OR should I put all three as applicants in Q1 and leave the box abc empty?
My wife will be notifying banks etc , she knows where everything is.
The kids are really there to help her , or, take over if she cannot do it.
I am part filling in the forms so she/they know what to do.
Only the parts I can fill in at this time, that’s not going to change and keep them for them to finish, when I’m gone.

Doing the same with IHT 205.

Keep_pedalling

You can’t pre fill that in, the ideal of having 3 executors is for flexibility. Who knows if any of your executors will be indisposed when the time comes.

Unless you have a terminal illness I can’t see any point in filling in any of it in to be honest. Just keep records of gifts, bank accounts etc, and keep them with a copy of your will. You can’t relay on your wife knowing where all your bank accounts are, it will be very difficult for your children if You both die together, or one of you dies and the other no longer has the mental capacity to remember stuff like that.

joe134

Keep_pedalling wrote: »

You can’t pre fill that in, the ideal of having 3 executors is for flexibility. Who knows if any of your executors will be indisposed when the time comes.

Unless you have a terminal illness I can’t see any point in filling in any of it in to be honest. Just keep records of gifts, bank accounts etc, and keep them with a copy of your will. You can’t relay on your wife knowing where all your bank accounts are, it will be very difficult for your children if You both die together, or one of you dies and the other no longer has the mental capacity to remember stuff like that.

hi, thanks for reply.
My wife knows where everything is, it’s all itemised, and the kids do too.
“Everything “will be where they know they can find it, and rest assured it’s all up to date, if “I go first.”
That’s the reason for doing it, in case I go gaga first��

The reason I’m doing a dry run is to see if my wife will be able to cope with doing it, even with the kids.
I’ ve ever done it, or them before. Hi
I want them to know what they are letting themselves in for by being executors!
I’m not keeping these forms for them to submit, only as an example, for myself to see how hard they are, and show them what to do if we both go together.
The kids know every detail about my/our affairs, that’s why know they can copy the forms with just any amendments that I will make between now and when I go.
If I know I can do it, by doing this dry run, then I will be confident they can , and I can rest assured my wife is ok.
Peace of mind��
So the three executors need to be applicants on the probate form, not one the first and the other two with powers reserved?
My Son, has Poa if we go gaga !

Keep_pedalling

joe134 wrote: »

hi, thanks for reply.
My wife knows where everything is, it’s all itemised, and the kids do too.
“Everything “will be where they know they can find it, and rest assured it’s all up to date, if “I go first.”
That’s the reason for doing it, in case I go gaga first��

The reason I’m doing a dry run is to see if my wife will be able to cope with doing it, even with the kids.
I’ ve ever done it, or them before. Hi
I want them to know what they are letting themselves in for by being executors!
I’m not keeping these forms for them to submit, only as an example, for myself to see how hard they are, and show them what to do if we both go together.
The kids know every detail about my/our affairs, that’s why know they can copy the forms with just any amendments that I will make between now and when I go.
If I know I can do it, by doing this dry run, then I will be confident they can , and I can rest assured my wife is ok.
Peace of mind��
So the three executors need to be applicants on the probate form, not one the first and the other two with powers reserved?
My Son, has Poa if we go gaga !

As you are likely to die many years from now, you can’t possibly guess what the position of your executors will be. It might be they all take an active roll or 1 or 2 of them reserve or renounce their powers.

As for LPAs, only having one attorney is not a good idea, you should either have 2 or 3 who can act jointly or severally or a primary attorney and back up attorneys who can step in if anything happens to to the primary. As it stands if for any reason your son becomes unable to to act for you the LPA will fail, and your wife or other child’s will have to go to court to obtain deputyship.

joe134

Keep_pedalling wrote: »

As you are likely to die many years from now, you can’t possibly guess what the position of your executors will be. It might be they all take an active roll or 1 or 2 of them reserve or renounce their powers.

As for LPAs, only having one attorney is not a good idea, you should either have 2 or 3 who can act jointly or severally or a primary attorney and back up attorneys who can step in if anything happens to to the primary. As it stands if for any reason your son becomes unable to to act for you the LPA will fail, and your wife or other child’s will have to go to court to obtain deputyship.

Hi K
Thanks again.
I hope I do carry on for a lot longer.
my wife is first Poa, Son is second, vice versa, if she goes first.
did them myself years ago, twice.

Perhaps you’re right, I may just make sure they are familiar with the forms etc.


Cheers

SevenOfNine

TBH my first instinct as a 'wife' was to wonder why you might think yours too dim to complete a form (same thoughts for your children), that comes with a very decent set of instructions.

BUT, on reflection I can see your motives, never having dealt with probate or LoA yourself perhaps it IS wise just to take a look & see what's involved, & leave an example of how the form might be completed for your own peace of mind as opposed to theirs. Nothing wrong with being a bit on the protective side.

Does what you've decided to suggest (wife first with children as powers reserved) tie in with what is in your Will? All 3 named as executors?

Having handled probate 3 times I'd have to point out that your plan for a 'dry run' doesn't (& can't) actually include how to function with the emotional trauma that goes with loss & grief. Quite honestly the completion of the application form is the easy bit of the whole process.

You can't rehearse how to deal with the whole host of tasks that need to be done in very difficult circumstances, can't guess how helpful/unhelpful any organisation they may have to deal with will or won't be (I found Nationwide & British Gas to be a total pain in the @***, & I was speaking with their bereavement departments! Oh, & Virgin & Thomas Cook were vile).

You'll have to trust that they'll manage without your supervision from the grave, or you'll be producing an entire manual of instructions covering numerous scenarios for every aspect.

Trust in your ability as a husband & father, they'll cope.

bowlesbargain

joe134 wrote: »

Hi Guys,
I am familiarising myself with PA1P form. In case I go first.

My wife is to be executor, and the two kids are as well.


Is it better to just put my wife as only applicant in Q1 and put the kids in the box with C as powers removed?
OR should I put all three as applicants in Q1 and leave the box abc empty?
My wife will be notifying banks etc , she knows where everything is.
The kids are really there to help her , or, take over if she cannot do it.
I am part filling in the forms so she/they know what to do.
Only the parts I can fill in at this time, that’s not going to change and keep them for them to finish, when I’m gone.

Doing the same with IHT 205.

Joe134
You have read a lot more than me about this. At the moment I have a mirror will with my wife assests go to each other. I was trying to point my daughter in the right direction if anything happened to us. I am now confused which forms she would have to complete if one of us passed away. IHT400 or the PH1P that you talk about. Once the assets go to the wife/husband how do HMRC know that the second person now has double the inhertance allowance 325 from the wife/husand and there own

joe134

Hi Sevenofnine ,thanks for reply.
My hat off to you.
I think maybe I have not explained my reasons for doing what I am doing.
I never doubt my wife’s capabilities, or the kids, never intended to.
I was concerned about my wife having to do it at such a bad time .
I would sooner let the solicitor do it than have her worry about it.
None of us has done it before, so I/ me, want to do a dry run to see what it entails.
I may have to, I am a realist.
I showed my wife the forms , and her first reaction was, I cannot do that, let the solicitor do it !
I know what solicitors are like, I have had dealings with them.
If she wants, she can use the solicitor, if it makes her happy.

I thought I could do it, using both iht205 And P1 , and the easy to use instructions,��BUT, having just tried doing it , for the first time,even I have come to a full stop at the end, and am confused.
Perhaps they will show me up, hope they do ��
After over three hours of filling them in,
Box H says I should use iht400?
Perhaps I have done something wrong?

I thought that making mirror wills, next week leaving everything to my wife, iht205 would be ok.

I have now £280k in money.
My wife has £300k.
The house I guess is approx £350k.
However, at the end, in box H , my figure of £280k + £175k (half the house) takes me over the £325k allowance, saying I need iht400, because tax may be due ?
Back to the drawing board.


I only want what is best for them.
Sorry if it came over as being overbearing, over protective, YES.
:beer:

joe134

bowlesbargain wrote: »

Joe134
You have read a lot more than me about this. At the moment I have a mirror will with my wife assests go to each other. I was trying to point my daughter in the right direction if anything happened to us. I am now confused which forms she would have to complete if one of us passed away. IHT400 or the PH1P that you talk about. Once the assets go to the wife/husband how do HMRC know that the second person now has double the inhertance allowance 325 from the wife/husand and there own

Hi B, seems I don’t know as much as I thought I did.
Perhaps one of the team on here can help you, I’m as confused as you
:rotfl:

bowlesbargain

joe134 wrote: »

Hi B, seems I don’t know as much as I thought I did.
Perhaps one of the team on here can help you, I’m as confused as you
:rotfl:

Joe
I think I mirror you. my figures are close to yours. I have the same reasoning just wanted to save wife and children worrying. Think I may give them the form numbers for them to view if the worst happens to us,pay a solicitor.
we are in our mid 60s so hope we have a few years to enjoy our retirement yet

Sea_Shell

I dread to think what our executors would make of our finances if we went together!!! We only just have a handle on it all ourselves!

We'd rather not openly discuss our finances with them at present, for fear of the green eyed monster!!

They'd probably just hand the whole lot over to solicitors.

No one else in the family is any good with money/finances, but our siblings have that job at present (after each other).

We're hoping that our N&Ns "have their heads screwed on" as they get older, as we plan to pass the baton to them eventually. They're just kids at the moment.