Advice POA and Wills

[Ionaparrot]

Any advice would be appreciated.

My dad is 88 and not well at all and my mum has dementia both having a will but are unsigned. My sisters have POA to deal with my mum and dads health and welfare including financial issues. Without a signature on the wills my thoughts are that if my father passes all assets would go to my mum and the POA over the transfer would be dealt with by the POA's. Is that correct? In the event my mums dementia worsens and she is put in a care home, will her property have to be sold to fund that? Obviously this will lead to the dissipation of her assets and the intentions in the wills although not signed of leaving an equal share of any assets to their 5 children would be lost is that correct? If you are able to offer any advice on how dissipation can be avoided that would be great.

 

[SAP]

Basically I think your assumptions are correct. Should your dad die before your mum and as there is no legally binding will in place his estate will go to your mum. Her attorney will be able to support her with this and ultimately take over the finances when the time comes. If she should need residential care and her assets are over £23,500, she will be required to be self funding. This includes any property and she via the attorney will be expected to sell this unless she has a lot of savings to cover the costs.
Because the wills are unsigned and I assume un witnessed, they will hold no legally binding agreement so which ever parent passes first will be considered to have dies with out a will therefor intestate.

Intestacy - who inherits if someone dies without a will?

Find out who is entitled to a share of someone’s property, possessions and money if they die without making a will

www.gov.uk

If you parents still have mental capacity then they should speak with a solicitor about their wills soon if they wish to ensure their wishes are met .

 

[Ionaparrot]

Is it possible to have a new will written for my dad stating the estate should be equally shared between the 5 children rather than go to my mum as she doesn't have capacity or is it an automatic thing that the estate would go to my mum then the state for funding costs. I presume with my mum being alive only 50% of the estate could be shared and the remaining would be hers and would then be used to finance her being in a care home.

 

[canary]

Is it possible to have a new will written for my dad stating the estate should be equally shared between the 5 children rather than go to my mum as she doesn't have capacity or is it an automatic thing that the estate would go to my mum then the state for funding costs. I presume with my mum being alive only 50% of the estate could be shared and the remaining would be hers and would then be used to finance her being in a care home.

It depends on how the house is owned. Property can be owned by more than one person either "jointly" owned or owned as "tenants in common". Property is often jointly owned by spouses and if this is how the property is owned then it will automatically go to the surviving spouse.

If your dad wants to leave his share of the house to his children and the house is owned jointly, then he will have to go to a solicitor and arrange a "severance of tenancy". It is easy to do and your mum would not have to agree to it. Once this is done your dad can then make a will leaving his share of the house to whoever he wants. Do beware, though, that he cannot completely disinherit his wife. There are a few ways round this, but will need a solicitor to sort out.

It is the same with bank and other savings accounts. Anything held in a joint account will automatically go to the surviving spouse.

 

[Ionaparrot]

Many thanks, you're advice has been invaluable.

Have a good day and thanks again.

 

[Kevinl]

One advantage of joint ownership is that any property passed automatically (subject to a bit of paperwork) to the surviving partner and does not for part of their estate for tax/death duties, a tenant in common can leave their share to a partner, but it classes as an asset for tax purposes.
People lead complicated lives sometime and second relationships can make it complicated, so sometimes tenants in common is best but giving a partner an indefinite right to remain means future inheritors can't force a sale without the surviving partners consent. K