Mum and Dads estate (they are still alive)

JGB1955

https://forums.moneysavingexpert.com/discussion/comment/82113311#Comment_82113311

The LPA needs to consider the best interests of the donor - not any (possible) future beneficiaries.

RAS

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

You need to take urgent advice on your responsibilities as an attorney. Much of what you are considering could get you removed as an attorney as your sole responsibility is to make decisions that are in your mum's best interest. You are not allowed to do anything which advances your, or your siblings, future interests.

And it is not your role to set up LPAs. That is your parents' responsibility. You can suggest, you can advise if asked but they have to choose who they want and when.

There is obviously scope for difficulties if dad's needs increase in the future and conflict arises between mum's best interests and dad's best interests. You can't change the LPA for mum but dad's interest might be better served by having attorneys who do not support mum as well.

You might also benefit from learning how to help dad navigate the benefits like attendance allowance and from assuring him that he will be allowed to remain in their home if mum goes into care. And going forward, their estates are very unlikely to attract IHT.

Robin9

https://forums.moneysavingexpert.com/discussion/comment/82113263#Comment_82113263

Have you discussed what they might want in the way of funeral arrangements ? Knowing what they would like takes a lot of stress out of the funerals which happen in a hurry. Mum wrote hers out and we reran that when Dad died. Mine is also written out and gets revised from time to time.

Dead_keen

The LPA needs to consider the best interests of the donor 

Absolutely. But I'd say accidentally disinheriting when the grandkids when there is a specific gift to them in the will is not in the best interests of the donor.

Take another example, donor's will gives £300,000 house to nephew and £20,000 cash to charity. Donor has a stroke and needs care home. Attorney sells home for cash to cover care home fees but donor dies soon after. Nephew gets nothing, charity gets lots of cash. That's not what the donor would have wanted. If the attorney knows the contents of the will they can go in advance to the Court of Protection and ask for a statutory will or an order for sale of the house to protect the nephew's inheritance.

Keep_pedalling

Shifting any savings your mother has will be considered deliberate deprivation of assets so that is a no no. If their savings are joint now would be a good time to separate them. If your mother needs residential care the house Will be excluded from the financial assesment for as long as your father lives there.

mebu60

https://forums.moneysavingexpert.com/discussion/comment/82113234#Comment_82113234

One good reason to review the will with the person if you are the executor is to ensure that you understand their wishes and thinking and where to find things etc. My best mate and I were executors for each other and we made sure to keep each other fully briefed. Sadly he died almost five years ago now. It was very useful not to be seeing his will for the first time at that point.

elsien

If your Mum needs care, and not everyone does, then why should she not pay towards it? The majority of us have worked and paid taxes throughout our working lives, and we have also reaped the benefit of those taxes throughout our lives in terms of education, emergency services, child benefit, state pension, Nhs, defence et cetera. It is simply not affordable with an aging population for everyone to duck out of paying for their own care costs.

If you want more information about how care charges are worked out, either at home or in residential care, then Age UK have some very detailed downloads.
I always say to people bear in mind that money means choice. Don’t understand the value of that should it become needed.

KxMx

It's also not just about where someone goes into care, but when which is just as important. Having assets gives you choice and say in a way those relying on local authority funding simply don't have.

Brie

You might consider getting yourself named as third party authority on their bank accounts. That way you can help them manage their money while you're waiting to get the LPAs sorted. It's just a case of your parents discussing this with the bank(s) and them agreeing that your parents know what they are doing and you're not trying to defraud them.

You might also get them to write up/sign a letter of authorisation that you can provide to the gas/electric/phone/etc companies, again so you can assist them. All it needs is a "I, <deadkeen's parent's name> authorise deadkeen to manage my account on my behalf." Full name, address for the parties included. Doesn't need to be addressed to a particular company and they will normally accept a scanned copy sent by email. All very handy should someone have communication problems, i.e. vision issues so can't read a bill or hearing problems which make phone calls impossible.

Newly_retired

In order to help your parents navigate their later years, it might be helpful if they share information with you about their income and outgoings, if they are willing. Get your Dad to prepare a folder with details of banks and building societies, utility companies, insurance policies, pensions etc….even if he is not currently willing to share the information with you.

I had no idea about my parents’ affairs. Months after their deaths an insurance policy was found which made a lot of difference.