Election Year or Fear!

[swaledale]

Guess it depends on what one considers ‘reasonable’. My elderly (80) neighbour has recently forked out just over a grand for hers. She is a widow who wants to leave everything (largely 750k’s worth of bricks and mortar) equally to her two children who would also share POA responsibility. Is that reasonable?

Difficult to judge without knowing the complexity of what's in the Will, but frankly a bog standard Will should be around £250. Lucky my daughter is a lawyer so it and the LPA cost me nothing!

[Andy_Faber]

Id say that was excessive to the poing of outrageous. On the basis of what you say the only complexity might be to use a trust to protect the assets of one or other offspring who might be embroiled in a divorce that could be going on at the time of death/probate. The trust ensures that the assets do not belong to the child until the trustees of the will trust determine, and so the ex cant get their hands on half of it. But this is pretty bog standard stuff and shouldnt cost that much.

Its a bit like Derby player acquisitions though, we can guess but we really have no idea. What if she was predeceased by her spouse (looks that way)? The solicitor has an obligation to ensure the house is hers to will. Likewise if her spouse might have been in an old folks home and the proprietors might have a claim on the estate in lieu of care fees?

I maintain a grand or so would be reasonable. Of course it may be the solicitor's fixed fee and they take that commercial decision on if they can turn a profit

[ramAnag]

Its a bit like Derby player acquisitions though, we can guess but we really have no idea. What if she was predeceased by her spouse (looks that way)? The solicitor has an obligation to ensure the house is hers to will. Likewise if her spouse might have been in an old folks home and the proprietors might have a claim on the estate in lieu of care fees?

I maintain a grand or so would be reasonable. Of course it may be the solicitor's fixed fee and they take that commercial decision on if they can turn a profit

Her spouse wasn’t in a care home. Died very suddenly at the beginning of Covid. There’s nothing I know of that’s complicated but sadly it identifies the problem.
Regardless of our/their differences we have the three posters who are generally acknowledged as being the most knowledgeable regarding financial matters. One says 1k+ is reasonable, one says the going rate is GBP250 and one says what was charged is excessive to the point of being outrageously expensive.
Is it any wonder then that people are confused and turn to alternative provision?

P.S. Do you do Wills, Rog?

[Geoff Parkstone]

No, but I'm executing my Mum's one at the moment....

[ramAnag]

No, but I'm executing my Mum's one at the moment....

Sorry to hear that. I had to perform the same role about 18 years ago. Technically easy. Emotionally, not so.

[swaledale]

Her spouse wasn’t in a care home. Died very suddenly at the beginning of Covid. There’s nothing I know of that’s complicated but sadly it identifies the problem.
Regardless of our/their differences we have the three posters who are generally acknowledged as being the most knowledgeable regarding financial matters. One says 1k+ is reasonable, one says the going rate is GBP250 and one says what was charged is excessive to the point of being outrageously expensive.
Is it any wonder then that people are confused and turn to alternative provision?

P.S. Do you do Wills, Rog?

Well RA, that's what obtaining a quote is for! You pick say 3 reputable firms, I'd choose local concerns not big practices, maybe get some recommendations from friends and acquaintances as to who is reliable and value for money.

I shall enquire from my daughter what her firm charges for an average run of the mill Will.

[ramAnag]

Well RA, that's what obtaining a quote is for! You pick say 3 reputable firms, I'd choose local concerns not big practices, maybe get some recommendations from friends and acquaintances as to who is reliable and value for money.

I shall enquire from my daughter what her firm charges for an average run of the mill Will.

Thank you.

Bit sad though isn’t it. It’s something virtually everyone needs and many try to avoid thinking about until the distressing inevitability occurs. How much easier, and ultimately stress saving, it would be if people knew what to expect.

[SithHappens]

I'm going to live forever so i don't need one

[SithHappens]

Seriously though we do need to sort one. We dont have children but been thinking more about it, and our concerns now is if something happens to both of us our siblings probably become next of kin and my wife has a half sister who i definitely don't want getting a single penny. I'd rather donate it to Forest than her get anything.

[Andy_Faber]

Seriously though we do need to sort one. We dont have children but been thinking more about it, and our concerns now is if something happens to both of us our siblings probably become next of kin and my wife has a half sister who i definitely don't want getting a single penny. I'd rather donate it to Forest than her get anything.

…in which case it gets complicated. Based on my experience (as an executor), so not advice, Your concern shouldn’t only be if something happens to both of you it should be if something happens to one of you and the survivor a) decides to change their will later, let’s say in favour of a new partner or persistent family member or b) has a need for long term care. Professionally constructed well thought through wills will head off such issues as well as explain the need for a particular type of joint residential property ownership.

[SithHappens]

It's a minefield really. My plan is to have little to leave if we can both enjoy life to a ripe old age. That said, and it seems stupid when you think of it, but my life expectancy was 16 years based on the average when I got my blood cancer diagnosis which was ermmmm 12 years ago.

We really do need to sort. And that's a good point about the future.

We would want to leave any money to our great nephews and nieces, skipping a generation because they are all doing very well financially.

I definitely don't want a situation like our friends daughter did. Her partner and dad to her son died when her son was a baby. He was killed in an accident and a lot of money was put in a trust for when he was 18. It was set up in a way though they could apply to get money out of it to buy things he might need while growing up. She got a new partner and they pretty much drained it over the years buying computers etc then selling them for beer money.

Then when he was 18 he just cleared off on holiday with what was left and paid for all his mates too.

What a waste.

[MadAmster]

Remember, the Epstein story was never about a list. It was about young girls being abused by rich, powerful men and a system that allows them to get away with it.

[SithHappens]

Not comfortable with labour suspending MP'S who voted against a bill. Surely having people who challenge decisions is a good thing? Bet they wouldn't do it if the majority was smaller.

[SithHappens]

So the voting age being reduced to 16 for the next Election. Who will this benefit most? politically I mean rather than those who can now vote.

Certainly under corbyn this would benefit labour. Does starmers labour have the same appeal?

Farage is furious about it, but apparently 20% of 16 year olds polled say they will vote reform.

Apparently half say they don't even want to vote, which stacks up after the remain supporting under 25's chose not to vote in the same numbers as the older generations.

I cant say I was interested when I was 16, maybe if Kelly le Brock had been standing i might have been.

I did vote at 18, my wife was in her 30s before she bothered, my 30 plus nephews and nieces wouldn't know a polling booth from a phone booth, neither of which they have probably ever been in.

Farage says it's about rigging the vote, but surely at 16 , if you are interested enough to vote your opinion should matter?

[ramAnag]

Difficult one Sith. I know plenty of older people who, imo, aren’t fit to vote and I think democracy is always flawed because of the ignorance of the electorate, but it’s still probably better than the alternative.
Imo, at 16 you’re old enough to enlist in the armed services and old enough to work full time so I don’t think it’s unreasonable for 16 year olds to have the vote…besides anything that enrages that b@st@rd Farage and gets his blood pressure up to being on a par with mine is okay with me.