A salutary lesson courtesy of the late Alex Salmond.....

[opticron1]

Nope it's not about politics and it's not about his "inappropriate behaviour"!
It has come to pass that the one time leader of the SNP died without leaving a will.....The death of the man may not have caused any weeping and wailing amongst the more sensible and financially literate of us, but I do feel a little sorry for his widow, who now has to pick up the pieces and engage in the long and drawn out process of gaining probate so she can get control of Mr S's not inconsiderable amount of loot!
So, the lesson is for all of us...... Yes, you will die.....and yes it can be a bit of a worrying thing to do, but please make sure you, a) have a legal will and b) your nearest and dearest know where it is and more importantly - what you want them to do with all your expensive and much loved equipment/firearms/optics etc...... Also getting powers of attorney is pretty high on the things to list, but quite reassuring to have once it/they are sorted!

 

[Curried Venison]

endorse this.

 

[Jagare]

I had will drawn up when I lived in the UK 30+ years ago. As it wasn't relevant any more I made a new will here a couple of years ago. It's good to get all your ducks in a row. Plus all the paperwork done leaving my body to medical science.

 

[Bavarianbrit]

I had will drawn up when I lived in the UK 30+ years ago. As it wasn't relevant any more I made a new will here a couple of years ago. It's good to get all your ducks in a row. Plus all the paperwork done leaving my body to medical science.

My sister in laws husband had a bad accident where a higher than norman garage door used for storing a camper the 2nd counterbalance spring broke the first had already broke and he had informed the landlord the door came back down on his neck. left him bedridden for going on 3 years he had shrunk to almost half size etc so he left his body to a medical school as he was an unusual case, they then gave the remains a good burial without any cost for his wife.

 

[Foxyboy43]

A good thread.
Probably the best thing you can do for your loved ones - also make sure that if you have any employee death benefits that you have nominated those you wish to receive it.
Lady FB’s cousin died suddenly two years ago aged 63, only child, single man living alone in his own house in England; no Will, no nominees for Insurance or employee benefits - herself took on the job of sorting it all out for his 90 years old mother who lived in Scotland. We couldn’t even register the death as we live in NI - did you know that to register a death in England you need to live there? We do now…
Sooooo as death couldn’t be registered no funeral could be arranged - talk about a mess, then we discovered the good news that he had made no Will or provisions/nominees for his estate incl. death benefits. Two years later, a bill exceeding £40,000 for Solicitor fees and it is still not fully sorted - a total and utter shambles which for a bit of time and a few quid could all have been avoided - get it done lads!

 

[mealiejimmy]

You'd think that someone who was a trained economist would know better
I feel sorry for his wife and family for the additional grief and expense he is now causing them

Cheers

Bruce

 

[Taff]

Talking with a lawyer here regarding what to do with firearms upon death, where there is no one with a license in the family to store them , police want nothing to do with the situation, he told me probate, could take up to two years even with a will, and the cost is around $40,000 , better to give it all away prior and die a porper before long.

 

[mealiejimmy]

He died in Scotland where there is no such thing as Probate
In Scotland the nearest thing we have to probate is Confirmation
Confirmation in Scotland:

• The legal document issued by the Sheriff Court to authorize the executor (called the "executor nominate" if appointed in a will or "executor dative" if no will exists) is the Certificate of Confirmation.
• It is a legal authorization for the executor to uplift the deceased's assets, sell or transfer property, and administer the estate.
• Confirmation is granted once the inheritance tax, if applicable, has been paid.
• When applying for confirmation, an inventory of the deceased's assets must be provided.
• A Sheriff Clerk can help with the application for a small estate, but for larger estates, seeking legal advice from a solicitor is recommended.

Many years ago, the husband of a friend died suddenly (leaving 2 young children) and no will.
The cost in time and money before she was able to settle the estate put her on the financial back foot for several years

Cheers

Bruce

 

[opticron1]

Many years ago, the husband of a friend died suddenly (leaving 2 young children) and no will.
The cost in time and money before she was able to settle the estate put her on the financial back foot for several years

Indeed Bruce,
one of our friends was killed in an accident and seeing how much hassle and stress was suffered by his widow (no will for the deceased), this led me and the boss to sort out Wills and POA pretty quickly afterwards. Quite reassuring once it's done and easy enough to update
Also an idea to put your wishes about your send off into an envelope......kind of an "If you're reading this" sort of scenario.......

 

[mealiejimmy]

There is in Scotland (don't know about Englandshire) something called "informal writings" where a person can simply write down what they want to happen to smaller items not listed separately in their estate e,g.my old browning 12 bore goes to cousin Jimmy (assuming Jimmy has an SGC)
As long as these notes are signed and dated, a solicitor dealing with an estate will make all reasonable efforts to see that the wishes expressed in the informal writings are carried out

Cheers

Bruce

 

[lochty]

#1 for powers of attorney....if its appropriate make sure it covers financial affairs as well as health. Saved a huge amount of hassle when my parents were diagnosed with dementia.

 

[Bavarianbrit]

Did that with my daughter she has a POA + a turn me off before you gogo.

 

[trickie]

There is the latest info on preping for death (financially) on the moneysaving expert website this week.

Detailed and very good

Latest weekly email: Time for a difficult conversation...

Over 50 ways to save, incl... Unpleasant issues: Free wills, DIY Power of Attorney, Inheritance Tax; Chase cuts rewards; 33mths 0% ending; teachers' discounts; huge car finance news; car insurance renewal warning; Ben & Jerry's + pizzas £5; no-risk energy

www.moneysavingexpert.com

trickie

 

[bullet chucker]

Had mine drawn up about 4 years ago, never had any where to put the documents. I was in ALDI this week, she was shopping I was wandering the aisle with tools and stuff in, and there in a big box emblazoned with the words 'WATER AND FIRE PROOF DOCUMENT CASE' been thinking about the Will, Deeds, just sitting on the side, not ideal. Went to pick up the box it was so heavy, I was amazed and confident it will do the job! £29 well spent. 3yr Warranty included.

BC.

 

[RM100]

I suppose, this is a good time to ask.

If I leave my guns to Mrs RM (she has no FAC), what happens then?

 

[sh1kar]

I suppose, this is a good time to ask.

If I leave my guns to Mrs RM (she has no FAC), what happens then?

temporary permit under section 7

 

[Whitefront]

Bear in mind that in Scotland, if it worth more than a fairly modest amount, your "moveable estate" (ie stuff other than land and buildings, but including things such as guns, cash, jewellery, etc) will automatically be allocated to your spouse and any children (including illegitimate, unacknowledged or estranged ones) no matter what your will states, unless each agrees to waive their legal rights.

Disinheriting your children in Scotland

Understand the complexities of disinheriting your children in Scotland and learn about their legal rights to your estate.

www.wallacequinn.co.uk

 

[Yorkie]

Hi.
Make sure you have notified your pension company of a beneficiary for your pension. Pensions do not form part of your estate.

Many of you will already be aware of this, but it may be of help to some to know this.

 

[Cootmeurer]

Wife sees a great deal of this (She is a geriatrician).

Based on her conversations - I would also add, be very very honest with yourself about your heirs apparent. There are repeated stories about the heir or heirs that is known to have issues, but somehow it just seems fair to leave them with powers of attorney or unrestricted access to accounts so that they can "care for you in your final days". Most of these heirs with issues become complete bags of ______, and **** away the money at the speed of light and leave the elder abandoned to the state.

 

[Yorkie]

Wife sees a great deal of this (She is a geriatrician).

Based on her conversations - I would also add, be very very honest with yourself about your heirs apparent. There are repeated stories about the heir or heirs that is known to have issues, but somehow it just seems fair to leave them with powers of attorney or unrestricted access to accounts so that they can "care for you in your final days". Most of these heirs with issues become complete bags of ______, and **** away the money at the speed of light and leave the elder abandoned to the state.

Hi Cootmeurer.
I wonder if the system in the US varies slightly from ours?

My late wife and her sister had POA, both health and welfare and property and finance. Fortunately this was all put in place before their mother succumbed to terrible dementia.

Incidentaly, the Solicitor charged £1k plus VAT. This was for both health and welfare and property and finance.

Tragically, she could no longer care for herself and had to go to a care home. Care home was good, i would expect it to be at £1k per week, yes per week. All paid for as they had worked hard all their lives and had savings. She received £100 a week in carers allowance.

Now the point i want to make was expenditure by the POA of the person under care. When POA was sorted by the family Solicitor, we were told in no uncertain terms that we must be able to account for every penny and justify that expenditure. We kept detailed records so as to proof no money was skimmed off the top.

We had some remedial work done to her house when we needed to sell the house to carry on paying for her care. All receipts and invoices had to be kept. Anything that was spent had to be. We could have spent money selfishly but that would have come back to haunt us.