updating paperwork regularly and dying tidy

BigBertha1

We have done our wills , become tenants in common, done the POAs but now querying whether we take the next step to a family trust. any thoughts on this would be greatly appreciated.

As Germansheppardmum says BB . Be very careful about trusts. When we knew my DH was terminally ill we allowed our solicitor to put our house into a trust.
Big mistake. It's taken me nearly 4 years to get out of it and a lot of upset and money.
In effect if I wanted to sell, downsize or raise equity from the house I would have needed the permission of all 5 of our children. That did not sit well with me at all. There's a lot more issues around it but won't bore you. Happy to say my third lot of solicitors have been able to get the trust rescinded.

I’ve got the death elements sorted for myself, but since I retired I have to say I can’t stand paperwork, it’s my greatest area of procrastination. I’m currently forcing myself to catch up, I’ve got a list with what I’m calling the EDF column- Estimated Delay Factor. I’m doing 5 things every day, and some of my EDFs are quite embarrassing- up to two years. Oh dear.

You need to ask your solicitor about creating a trust BB. There are different types, and all depends on your individual circumstances. I would only say, in general, beware of giving money or property to a trust from which you don’t benefit during your lifetime as if you need care in the future it could be seen as deliberate deprivation of assets.

We have done our wills , become tenants in common, done the POAs but now querying whether we take the next step to a family trust. any thoughts on this would be greatly appreciated.

I think I will get another file, keep paperwork in there specifically for places that would need to be contacted. Banks, energy companies, dvla etc. Pretty good guidelines in that express article and at present I keep lots of details that I can put to one side such as my eye prescription, papers relating to pension and so on. I shall put just the bare details in that new file, telephone numbers and account numbers etc, so everything is at hand and quick to access

I certainly don`t like delving into my paperwork, which is all in files in a suitcase but needs must, especially for online stuff that has no paperwork, like energy bills

I have scribblings in my notebook, sometimes I can hardly decipher them myself

Something I must do this autumn