Mum and Dads estate (they are still alive)

PierremontQuaker03

Hi all,

Looking for some guidance on protecting my parents' assets and would really appreciate advice from anyone who's been through similar.

Background:

• Dad is 79, Mum is 75. Mum is showing early signs of dementia.
• They have a Will in place already (I'm named as executor, though I haven't actually seen the Will itself yet).
• I have three siblings between us: an older brother, a younger sister, and myself.
• Assets: house worth around £350k, plus roughly £100k in savings.
• I hold Financial LPA for my Mum, but it isn't yet registered with their bank.
• I'm currently in the process of setting up Health & Welfare LPA for my Mum first (given her situation feels more urgent), then Financial LPA for my Dad, and I plan to register both Financial LPAs with the bank at the same time once everything's in place (they have a joint account).

What I'm trying to work out:

1. Should I ask to see the Will now, given I'm executor, or wait until it's needed?
2. What's the best way to protect their savings and house value so something is left for grandchildren, rather than it all being absorbed by care costs down the line? They've worked and paid taxes their whole lives and we'd like to see some of that passed on.
3. Any pitfalls I should watch for with the LPA registration process, especially given Mum's diagnosis?
4. Has anyone been through this with a similar asset level (house + cash, no other investments) - what worked for you?

Any advice, personal experience, or pointers to the right professionals to speak to would be hugely appreciated.

Thanks in advance.

Jude57

https://forums.moneysavingexpert.com/discussion/6680816/mum-and-dads-estate-they-are-still-alive

Others will be along with more detailed advice but I just wanted to make sure you understand that your parents cannot have made a joint Will. They must each have made individual Wills, though they may be identical in what they bequeath to whom, commonly known as 'mirror Wills'. Unless you think their Wills are likely to be very complicated, there's no need for you, as Executor, to see the Wills now.

sammyjammy

Its currently none of your business what THEY do with their money and estate. Do you nor want your mum to be cared for in the best way possible if and when needed? Grandchildren or indeed children have no right of inheritance or indeed to see the will, executor or otherwise.

poseidon1

There will be individual Wills.

Depending on the advice given by the lawyer concerned, each Will might provide for a half share of the family home to be placed in the trust for life for the survivor. Clearly need to see the wills to see if that is the case.

Your parents should have copies of their respective wills ( if not the originals), in their possession. If this is not the case I would suggest they contact the firm concerned to obtain photocopies.

This is a useful excercise in any event to determine that the solicitor firm are still trading ( a lot of firms have been closing for various reasons), and that they do hold the original wills.

As a executor you need to know where to lay your hands on the Wills when the time comes.

As for protecting assets, unless the Wills already do so, I can think of nothing that cannot now be challenged by a local authority given your parents age and infirmities.

tetrarch

Given your Mum's situation, she can only make an LPA whilst she has capacity. This should absolutely be your number one priority

Regards

Tet

FlorayG

I can't think of any reason at all why anyone needs to see a person's will before that person dies.

You can't do anything about it and you can't yet do what it instructs so there is no point anyway

As for protecting their assets ( who are the "we" you mention? You and parents? You and siblings?) I personally would much rather my parents spend their last days in a lovely care home with excellent facilities and leave me nothing rather than them be in the most basic one available and staring at TV all day

saajan_12

What's the best way to protect their savings and house value so something is left for grandchildren, rather than it all being absorbed by care costs down the line? They've worked and paid taxes their whole lives and we'd like to see some of that passed on.

Why should people who have worked hard not enjoy their money and/or get the best of care in their later years?

Even if they try to give away large sums, that'll be seen through and their home will have a charge for costs incurred upto the assets they had.

Vitor

Register the LPAs promptly, obtain specialist wills and elder-care advice, and plan around the parents’ needs. Attempts to shelter assets for grandchildren once dementia and potential care needs are apparent carry clear legal risks.

Snot

1, Ask your parents, they can either say it’s none of your business or happily share it. In my scenario their Wills set out their wishes for funeral arrangements, so it was useful to know the contents beforehand.

2, Your parents presumably worked hard all their lives to create a rainy-day fund for such eventualities as dementia, any legacy to others is secondary.

3, Providing your mother has capacity I would do the remaining LPA’s all now, get them all signed together. And before registering with the Bank check it doesn’t affect how the account is operated today.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82113244#Comment_82113244

OP - suggest you google 'Deprivation of Assets' regarding trying to avoid care costs.

Even if your Mum is in care, the house is safe as long as your Dad remains living there.

Dead_keen

I can't think of any reason at all why anyone needs to see a person's will before that person dies.

Imagine you have the LPA and your donor has £100,000, split between £90,000 cash and £10,000 premium bonds. In the will, (i) the cash is to be split equally between the two kids, (ii) and the premium bonds are to go to the only grandchild. As attorney, you decide you can get a better interest rate outside of the premium bonds (or need to spend £10,000 on doing up the roof of the donor's house and chose to use the premium bonds to cover it)?

This type of situation is why the Law Society says solicitors should give a copy of a will to an LPA where the donor has lost capacity (unless they've been instructed otherwise or they are concerned about something).