Putting my affairs in order??

Shabbycat

Hi! I’m 57 years old, not married, no children and no dependants. I come from a fairly large but very disfunctional family. My closest brother told me a few years ago that if anything happened to me I wasn’t his responsibility. This prompted me to try and put in place things so I wasn’t left in limbo should something awful happen. I have a will and leave my estate to friends and charities with a letter explaining why I have bypassed family. I have an advanced decision to refuse treatment in extreme circumstances. I have a LPA for finance in which two trusted friends and a solicitor must agree I no longer have capacity to act for myself. In this all three have to agree to any payments over £5,000? Is this wise or too high?? Should I amend it?? I don’t want my friends getting bogged down in my affairs, just ensure somebody is payed to sort my needs. My mother died this week which has prompted me to review things. I am going to get a prepaid simple cremation so my family aren’t bothered, seems my mother has been ripped off paying monthly instalments for years way behind what it pays out. Is there anything else I need to consider and have I done the right thing with the LPA? I am going to ask a different brother if he will be my next of kin and give him a copy of my advanced decision, LPA, funeral plan and who my will is registered with. I’m also thinking of telling friends (LPA) where they can find a list of bank accounts etc. Any advice greatly appreciated. Thank you.

JGB1955

Why have you put any limits?  If you trust them, you trust them....' 

I have a 'death list' file which covers everything from my play list at my funeral to the monthly interest I expect to be received on my  savings accounts for the next year.  Sorted! 

Shabbycat

I trust my friends but this means a solicitor could spend up to £5000 without their knowledge. I’m sure there are rules and regulations about this but just want to ensure I’m not doing something stupid??

Marcon

Shabbycat said:

I trust my friends but this means a solicitor could spend up to £5000 without their knowledge. I’m sure there are rules and regulations about this but just want to ensure I’m not doing something stupid??

Have you asked the solicitor what they think about the £5,000 limit?

Keep_pedalling

Shabbycat said:

I trust my friends but this means a solicitor could spend up to £5000 without their knowledge. I’m sure there are rules and regulations about this but just want to ensure I’m not doing something stupid??

The £5000 limit could be disastrous. If one of your friends lost capacity then the LPA would be effectively useless.

Perhaps a better solution is to make your friends your prime attorneys with  the solicitor as a back up attorney. 

stuhse

I personally wouldn't involve a solicitor.  They are likely to charge 1000s of pounds to your account every time they deal with anything...they will end up with the lions share of it.  Use them to get your affairs drawn up but don't let one control your money. Would be my thoughts.  There was a story on here the other day of a solicitor made as executor and used up all the money.

Martin_the_Unjust

So you have no dependants? 

If you trust someone enough to let them have LPA for you then trust them to act in your best interests.

To be brutally honest if you are far enough gone that you need someone to manage your money for you then you are really not going to be aware (or bothered) if your trust is misplaced.

Keep_pedalling

stuhse said:

I personally wouldn't involve a solicitor.  They are likely to charge 1000s of pounds to your account every time they deal with anything...they will end up with the lions share of it.  Use them to get your affairs drawn up but don't let one control your money. Would be my thoughts.  There was a story on here the other day of a solicitor made as executor and used up all the money.

Sometimes you don’t have a choice, if the OPs friends are of a similar age then there is a strong chance they may not be able to act when the time comes.

Can you provide a link to that solicitor story I don’t recall one on this board.

Shabbycat

Thank you so much for your replies.
Keep -pedalling - What do you mean make my friends my primary attorneys?? I don’t want to over burden them as they have their own busy lives. 

Stuhse- What would you a suggest as an best solution for someone in my situation? At the end of the day I don’t want to be a burden to the people that care about me but don’t have family that will help. I’d rather have things in place that make it easy for people if the need arises.

Keep_pedalling

Shabbycat said:

Thank you so much for your replies.
Keep -pedalling - What do you mean make my friends my primary attorneys?? I don’t want to over burden them as they have their own busy lives. 

Stuhse- What would you a suggest as an best solution for someone in my situation? At the end of the day I don’t want to be a burden to the people that care about me but don’t have family that will help. I’d rather have things in place that make it easy for people if the need arises.

If you look at section 4 of the LPA form you will see that you have the option to appointed replacement attorneys how can step in should all the attorneys you have appointed in section 2 (your primary attorneys) no longer be able to act. 

Sarahspangles

Shabbycat said:

I am going to ask a different brother if he will be my next of kin and give him a copy of my advanced decision, LPA, funeral plan and who my will is registered with.

But this sibling isn’t going to be an attorney, executor or beneficiary? Do you mean by ‘next of kin’ that you’ll name him as an emergency contact only? You need to be really clear that he then just needs to immediately let your friends know, so that they can act. And maybe pass on information to the family about your care home/death/funeral arrangements. Otherwise you’re setting up confusion/conflict for your family and friends when they least need it.