Election Year or Fear!

[ramAnag]

Sort of on the subject, there was a feature on the wireless about charitable giving by the truly wealthy, warren buffett and Bill Gates being examples of individuals who no doubt employ (armies of?) accountants to assist in minimising their tax liability, but then give large proportions of their fortunes to what you may consider more worthy causes (basically 'the poor') than their govts would do.

there's another wireless feature (currently ongoing so I don't know the conclusion) wherein Tony Hawkes ponders the morality of inheritance, specifically mulling over whether to pass his (clearly worthwhile) assets over to his son on his demise. I'll declare on this, I'm all for (appropriately taxed) wealth inheritance and (legal) succession planning thereof. If folk REALLY don't like it they should lobby their govts to change the rules

With you on that one. I too am all for appropriately taxed and legal wealth inheritance. Having been the beneficiary on more than one occasion I hope to be able to ‘donate’ accordingly in the future. Pity it can’t all be made infinitely more straightforward.

[Andy_Faber]

With you on that one. I too am all for appropriately taxed and legal wealth inheritance. Having been the beneficiary on more than one occasion I hope to be able to ‘donate’ accordingly in the future. Pity it can’t all be made infinitely more straightforward.

One thing I'm strongly against is the current trend for 'DIY Wills' (sorry if you have one!). I'm proud to have been chosen as executor on four occasions, thankfully executing professionally and immaculately written wills which 'headed off at the pass' a potential challenge to one.

[swaledale]

Turns out the millionaire exodus was a complete work of fiction.... built on dodgy data from a company flogging golden passports to billionaires. Henley & Partners spun a PR stunt ? and the media ran with it. 10,000 headlines later, the truth emerges: less than 0.3% of UK millionaires left. That?s not an exodus. Time to tax wealth properly...no more excuses?.let?s adopt the US system, if you are a citizen you pay tax wherever in the world you live.

[ramAnag]

One thing I'm strongly against is the current trend for 'DIY Wills' (sorry if you have one!). I'm proud to have been chosen as executor on four occasions, thankfully executing professionally and immaculately written wills which 'headed off at the pass' a potential challenge to one.

I too have been an executor on a couple of occasions. No problem on either occasion, but I can’t help feeling that ‘DIY Wills’ only exist because the so called professionals tend to charge exorbitant fees for a ‘service’ which is essentially very simple.

Just out of interest. What does anyone in the know think the going rate should be for an ordinary Will these days?

[Geoff Parkstone]

? 35 plus VAT

[Andy_Faber]

?the so called professionals tend to charge exorbitant fees for a ?service? which is essentially very simple.

We?ll have to agree to differ on that one. My parents? RIP wills were straightforward, my in-laws? also RIP less so and ours more complex still, fees reflected the complexity but were all ?reasonable? bearing in mind the amount of safety offered by professionalism

[ramAnag]

We?ll have to agree to differ on that one. My parents? RIP wills were straightforward, my in-laws? also RIP less so and ours more complex still, fees reflected the complexity but were all ?reasonable? bearing in mind the amount of safety offered by professionalism

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?

[Andy_Faber]

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?

I think that’s reasonable - of course you only know the customer requirement and the end product, you don’t know the twists and turns in between

[Geoff Parkstone]

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?

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.

[Geoff Parkstone]

oh, and powers of attorney cease on death and so are in no way relevant to the administration of the will: thats down to the executor who may be a different person