How complicated is probate and executorship for a surviving spouse?

boingy

Jowwie said:

I use this. It has been 100% correct for me so far 

https://www.thecalculator.co/lifestyle/Death-Calculator-216.html

If I get to within 5 years of that date I'll add you to my will. 

Mojisola

Keep_pedalling said:

You could make each other executors and appoint a solicitor as back-up so they would only be involved on the second death or the incapacity of the surviving spouse.

This is a good idea - think of a range of possibilities - one of you is killed in an accident and the other is seriously ill/in a coma - if you don't have a back-up executor named, who would deal with the estate?

As well as wills, it's important to have POA for each other, again with back-ups.  You can do these yourselves using the online forms.

boingy

Mojisola said:

Keep_pedalling said:

You could make each other executors and appoint a solicitor as back-up so they would only be involved on the second death or the incapacity of the surviving spouse.

This is a good idea - think of a range of possibilities - one of you is killed in an accident and the other is seriously ill/in a coma - if you don't have a back-up executor named, who would deal with the estate?

As well as wills, it's important to have POA for each other, again with back-ups.  You can do these yourselves using the online forms.

Thanks. A solicitor as backup is pretty much the direction we are heading I think. I've got the LPAs on my radar too but I want to get the wills sorted first. We've been putting that off for years.

BooJewels

Start the LPAs first, they take months to come through, where a will can potentially be done in a couple of weeks - if using a local solicitor, which I'd recommend.

I've only not done my own LPAs yet, because both of my Attorneys are just moving house.  But it needs addressing pronto now.

boingy

BooJewels said:

Start the LPAs first, they take months to come through, where a will can potentially be done in a couple of weeks - if using a local solicitor, which I'd recommend.

I've only not done my own LPAs yet, because both of my Attorneys are just moving house.  But it needs addressing pronto now.

Thanks, we're both still in our fifties so the LPAs and wills are not that urgent unless we are very unlucky. We'll do the wills first because we really have been dodging them for a very long time now, and because they are relatively quick to tick off the list.

Keep_pedalling

boingy said:

BooJewels said:

Start the LPAs first, they take months to come through, where a will can potentially be done in a couple of weeks - if using a local solicitor, which I'd recommend.

I've only not done my own LPAs yet, because both of my Attorneys are just moving house.  But it needs addressing pronto now.

Thanks, we're both still in our fifties so the LPAs and wills are not that urgent unless we are very unlucky. We'll do the wills first because we really have been dodging them for a very long time now, and because they are relatively quick to tick off the list.

People do get unlucky, not having a will means your estate passes under the laws of intestacy, which is not a problem unless you both meet an untimely demise. Illness or an accident that leaves one of you mentally incapacitated can leave you partner with major financial difficulties. Making LPAs is simple and cheap and I would recommend you at least put financial LPAs in place.

BooJewels

boingy said:

BooJewels said:

Start the LPAs first, they take months to come through, where a will can potentially be done in a couple of weeks - if using a local solicitor, which I'd recommend.

I've only not done my own LPAs yet, because both of my Attorneys are just moving house.  But it needs addressing pronto now.

Thanks, we're both still in our fifties so the LPAs and wills are not that urgent unless we are very unlucky. We'll do the wills first because we really have been dodging them for a very long time now, and because they are relatively quick to tick off the list.

Whilst advancing age is very often the root need for the powers enabled through an LPA, there are very many other reasons to need one too - sometimes just temporarily during a period of incapacity following surgery or such. 

I mentioned earlier that my husband and I had to undertake a manual approach to authority on accounts etc. because it would take too long to secure an LPA - I too was in my 50s when that situation arose.  I really didn't expect to be undertaking such tasks in my 50s or executing my husband's will at 60, but sometimes life comes along and just plain slaps you in the face.   We made the mistake of thinking it wasn't a pressing need at our age.  But we were wrong.  Fortunately we had already done our Wills and did have time to make some helpful arrangements.

So don't procrastinate too long on either front.  If your circumstances change as time goes on, you can always change the documents, but being without them if something happens in the short term might prove to be a serious inconvenience.

boingy

Hehe. I'm starting to feel like I'm being nagged by my parents. We'll definitely do the LPA thing but we're doing the wills first.
Right, now I'm going to go to my room, slam the door and play my music too loud. 

Sarahspangles

boingy said:

Hehe. I'm starting to feel like I'm being nagged by my parents. We'll definitely do the LPA thing but we're doing the wills first.
Right, now I'm going to go to my room, slam the door and play my music too loud. 

When it comes to LPAs it’s more usual for the children to be nagging the parents!

Our plan of attack for ‘sorting out our affairs’ from our mid-50s has been:

• Wills
• Pensions/life insurance/savings
• LPAs

Now OH has retired we’re ready to redo our Wills, I think it’s less usual to update LPAs.