Choosing executor and attorney

harrycobean

My wife and I really need to update our wills and set up POA but it's not easy.

We are both in our 70s and have no children. Friends and siblings are similar age to us or older, and most are a long distance away (continents away in some cases). Nephews and nieces are also very remote, and the nearest one is not someone we could trust.

So who to set up as executors and attorneys? The only option we can see is a firm of solicitors, but that seems non-ideal, especially as attorney.

Any suggestions? We live in Scoland if it makes any difference

Cairnpapple

Since you live in Scotland, you will need a solicitor involved in setting up your powers of attorney as well as for writing your wills, so maybe start with an initial meeting with a solicitor and see what they suggest? Unless you think you will be unable to act in the near future, it would still be useful for you to be each other's attorney and executor in the first instance.

Yes using a solicitor as attorney or executor if your spouse predeceased or is unable to act is suboptimal, but it may be the best of a range of bad options. The solicitor who did my will is attorney for a number of people and it is onerous and expensive but on the other hand it is very well regulated and she takes it very seriously.

Keep_pedalling

One option would be to appoint your spouse as the main executor and attorney and have a solicitor as back-up.

You could also appoint the major beneficiaries of the estate of the second to die as your executors.

harrycobean

Thanks for the comments.

Yes, we will certainly be executors and attorneys for each other, though my wife's ability in this respect is poor.

The only individual beneficiary in the will (Maximum IHT) is one of my wife's sisters, but she is 100 miles away and has Parkinsons so unlikely to be able to act as executor. All the rest of our estate will go to a couple of charities

Keep_pedalling

So the likelihood is that on the second death everything will go to charity, or does your SiL have children?