Post by lilyofthevalley on Dec 9, 2016 19:02:20 GMT
I have recently revised my will and I have been thinking a lot about this subject. I thought I would start a discussion.
Do you have a will? Many adults in the UK do not have one. I think we are reluctant to think about our own deaths. We think there is plenty of time. We vaguely plan to do it later, when we are older. We lead busy lives, have more urgent priorities. But we cannot foresee the future. We could be the victim of some awful accident, develop some debilitating illness or disease, or even die. So the question is 'What happens if you die without a will?'
www.telegraph.co.uk/finance/personalfinance/6438627/What-happens-...
The article explains about the rules of intestacy, (what happens if you die without a will), and warns about the perils of do-it yourself wills. You need to decide who will be your Executor (carry out your wishes). Where will you leave your will? I heard recently about a case where the will was destroyed in a house fire. The main copy of the will can be held at the lawyer's office. Similarly the deeds of the house and funeral plan can be held there too. Have you thought about a funeral plan? You should also consider whether to give someone Power of Attorney over you if you should become incapacitated. There can be huge problems if there has been no determination about this previously, for instance if someone starts to suffer from dementia. In my case I have given joint Power of Attorney to my younger brother and sister and DD.
I have set up a Trust for when I die. My only real asset is my house. I do not want DD and DS to inherit large amounts of money. They would not be able to deal wisely with it; DD has a propensity for addictions (I knew an alcoholic who drank himself to death within a few months after inheriting a large sum of money from his mother on her death); I do not trust my daughter in law who has a personality disorder and comes from a criminally inclined family; it would adversely affect any benefits they are on and they could be charged with fraud if they fail to declare it. Basically my house would be rented out and they would each be given a payment of £500 twice a year. This would help with necessary household purchases, pay for a holiday etc. It would be a large sum of money to them. Of course all my careful planning could come to nought if I end up needing expensive nursing or residential care and the house has to be sold to pay for it. So I am hoping for a quick and sudden death!
Lily
Do you have a will? Many adults in the UK do not have one. I think we are reluctant to think about our own deaths. We think there is plenty of time. We vaguely plan to do it later, when we are older. We lead busy lives, have more urgent priorities. But we cannot foresee the future. We could be the victim of some awful accident, develop some debilitating illness or disease, or even die. So the question is 'What happens if you die without a will?'
www.telegraph.co.uk/finance/personalfinance/6438627/What-happens-...
The article explains about the rules of intestacy, (what happens if you die without a will), and warns about the perils of do-it yourself wills. You need to decide who will be your Executor (carry out your wishes). Where will you leave your will? I heard recently about a case where the will was destroyed in a house fire. The main copy of the will can be held at the lawyer's office. Similarly the deeds of the house and funeral plan can be held there too. Have you thought about a funeral plan? You should also consider whether to give someone Power of Attorney over you if you should become incapacitated. There can be huge problems if there has been no determination about this previously, for instance if someone starts to suffer from dementia. In my case I have given joint Power of Attorney to my younger brother and sister and DD.
I have set up a Trust for when I die. My only real asset is my house. I do not want DD and DS to inherit large amounts of money. They would not be able to deal wisely with it; DD has a propensity for addictions (I knew an alcoholic who drank himself to death within a few months after inheriting a large sum of money from his mother on her death); I do not trust my daughter in law who has a personality disorder and comes from a criminally inclined family; it would adversely affect any benefits they are on and they could be charged with fraud if they fail to declare it. Basically my house would be rented out and they would each be given a payment of £500 twice a year. This would help with necessary household purchases, pay for a holiday etc. It would be a large sum of money to them. Of course all my careful planning could come to nought if I end up needing expensive nursing or residential care and the house has to be sold to pay for it. So I am hoping for a quick and sudden death!
Lily
