Am i stupid spending thousands in getting a new will and POA when we haven't been on holiday for over 20 years?

[JacknDiane]

Money is tight here. But we own our home outright. We never had inheritance money and we want to ensure something is left to our kids. We want the sort of will where the title deeds are changed to tenants in common. We also want POA done for both of us. Im not entirely sure why this is needed but Martin lewis says it is so...

All this will cost 1000s. And we could so do with a holiday.

What would you spend the money on? We are both early 60s, kids are single adults, both renting.

I think will aid month will be soon where solicitors give their time and you make a minimum donation to will aid. Mine cost 120 last year. More info on Martin Lewis.

I also want to do POA which I was offered for 800 but I am sure I can get it done cheaper!

We got both done and all in all it was about £2000. We did the same as you and changed to tenants in common so it made sense to do it then. I would definitely do it. Having worked in healthcare I seen lots and lots of people stuck in hospital for months at a time whilst POA is sorted. It’s awful tbh and hospital was not the correct place for any of them. It was extremely sad. I know it’s a lot of money but it really is one of those situations where if you can I would 100% get it sorted.

My parents changed their will so that they both owned 50-50
with a lifetime interest trust in the will

cost about 350

it was done by a mumsnetter called mumblechum 😂

Is this doing it on your own? Does a solicitor need to be involved at all? And have you any tips?

Thanks

POA - DIY online

Have a look at the free will scheme run by many solicitors. Cancer Relief do one - they like you to make a donation but not compulsory.

None of that costs thousands. It may cost a few hundred if you want a solicitor to do the wills. But a trade union often have a will service if you’re in one, and so do many charities. POA you can do yourself. We did it last year and it’s less than £100.

@JacknDiane I think you should get some quotes from local solicitors. If it's a simple will and you are outside London, I don't see how it.would be more than £600. POA extra.

What makes you think it’ll cost 1000s?

Mine cost £1000 and that included POA, and a letter of wishes. Not a 'simple' will either.
So YABU if you don't at least ask a Solicitor to give you a ball park figure for your circumstances.

I did the LPA online on the Government portal and it's very easy to fill in. You just print out and get the document signed and then post it off. Was not expensive

I 100% agree with this.

What difference does having LPA make regarding how long someone is in hospital?

You fill the forms in yourself (but it’s fairly simple) then you sign it and get your signatures witnessed. And then email it back and the charity gets it checked and signed by their solicitors. You can pay a yearly amount (I think at the time it was £50) to hold the will with them and make amendments as necessary. Or you can print off copies and close down your account. Dh and I have mirror wills which state what is left to whom and also who we wish to raise our children .

Honestly, as others have said it doesn't;t need to cost this much. POA are about £90 and you each need two. So thats 4 x £90. You do it online. No external party required.

Wills - well you are asking one of two things 1. a house held as tenants in common with a lifetime right for the surviving spouse to remain in the property - fairly straight forward and a few hundred pounds. 2. A trust - much more expensive but probably totally unnecessary unless you have significant wealth.

Then you need to split the tenancy so that the property is held as tenants in common and register the new tenancy in common with the land registry. Again not a complex thing to do. A few hundred pounds.

the more questions you ask/time you spend the more expensive it is.

4 POAs, 2 property and financial and 2 health and welfare, so getting close to £1000 now. Not 1000s but still a substantial amount

………..

Yes. Just get a neighbour or family friend to witness the signatures. You texhnically don't need to pay the £92 until you register it, so theoretically can just keep them signed in a drawer and only register if lose capacity and need to implement them, but it's often easier to do when not in an already stressful time. You don't technically need the health one as drs will act in best interests and get family input on what that would be (but as a Dr I'd have one along with an advanced directive more as a list of treatments I don't want done to me. There's lots we do to people to prolong life that I personally wouldn't want

Three of us in this family did wills and POAs together. We found online services, checked them out, did everything and lodged the documents with an online service. The whole lot was less than £600. Th see days I would use our LLM to do the research first and save me time.

Doing the LPAs yourself is fine but there are a few pitfalls that you may fall into that aren't highlighted on the government website. The LPAs still get registered but the fact you've done the appointment incorrectly may not come to light until you lose capacity.

It takes about 6-8 weeks to register so if you lose capacity thats a long time to wait. You may be thinking of the old system - Enduring Powers of Attorney, which you could only register once you started to lose capacity.

How much exactly has the solicitor quoted you? How many quotes do you have

when I got a quote for some work there was 3 and they were £600, £1100 and £1400.

i got the work done for £600, they had already done my will and POA for £500, so was happy to use them again

Mine cost £360 (including VAT) and that was 2 weeks ago. Not sure why it would cost £1000s.

That won't cost £1000s! I think my will cost about £50. You can even do one yourself though I wouldn't. Shop around and get some quotes.

It shouldn’t cost huge amounts. But is money well spent. I’d recommend going to a solicitor to do the work so that it’s properly done and achieves your goal, and peace of mind

Will aid sounds like a good idea but as always be careful .. the guy came to my house and spent all his time trying to get me to do an expensive trust. The will .. he told me to do an online form after wasting my time.