Single but need advice re. will etc.

[Tetragon]

This is a multi-pronged query. Please be patient with me if my questions crossover.

I'm a PAYE worker (teacher), in my mid forties, single and no dependants.

I have a brother and sisters but we're not close as a family. I have a multitude of nephews/nieces - I see on major holidays etc.

Financially I have two propeties (home - mortgage free), holiday (with a mortgage on it) and another proprty due to be left to me in the future.

Savings are minimal - I've been ploughing all my spare cash into renovating the holiday home ... a decision I've made without regret as working on the house/grounds has given me a new lease on life.

My retirement goal is to retire to the holiday home and downsize my lifestyle.

Query 1:

I'm totally betwixt and between as to what to do with my worldy assets when my time comes for me to expire but I've been thinking as follows:

As I don't intend to sell my current home (that may change in the longer term) so I was thinking that the house should be sold on my death and the proceeds divided between all (living) nephews and nieces when they turn 21 .... ? doable? practical?

With regard to the holiday home ... I'm in a relationship with a woman who has a family of her own .... in the future we hope to be able to move intogether when she has he family issues sorted. I'd like to be able to allow her life access to the holiday home ... and then, upon her death, the house be sold and proceeds to still surviving nephews/nieces when they reach 21.

Is all this total confusion or?

Query 2:

Can I make a living will in case I ever become incapacitated? I have no one who would care for me if I ever need help.

I don't know how to approach this? Could I 'insist' that properties be sold for a fair price and not at a quick liquidating price? ... if they get sold too cheaply money may not be available to pay for my upkeep (wherever I may end up) ...??

My female companion has indicated that she would act as my spokesperson in the event that I couldn't speak for myself .... I trust her 100% so whatever would be decided would be carried out by her.

What are my options here?

I have a third query about funeral preparations but I'll ask for opinions in a more suitable thread.

Just to reassure .... I'm not being fatalistic/morbid etc. ... I'm just trying to plan realistically and then file it away .... 'tis something on the list that needs to be done, dusted and crossed off.

 

[j26]

It's very good that you are thinking of this stuff now - when it happens is too late, and it becomes an unnecessary headache for those around you, at a time when they least need it.

Query 1
Yes, both of your wishes are doable through trusts. You bequeath one property to a trustee to sell the property and distribute the proceeds to the nephews/nieces alive once they reach 21.
For the other property you bequeath it to a trustee to hold for your companion for life and then to the nephews/nieces surviving after her death who are over 21.
Since it involves trusts, this is not suitable for a homemade will, and you should engage a competent solicitor to draft it according to your wishes.

These are active trusts - i.e. they require the trustee to actually do something, so don't land it on someone without letting them know.

Query 2
You can achieve what you want through an Enduring Power of Attorney http:// http://www.citizensinformation.ie/en/death/before_a_death/power_of_attorney.html

Be aware that if you eventually marry the person you are in a relationship with, the will is automatically revoked by the marriage and you need to do up a new one.

 

[Tetragon]

j26 ~ thanks for your help. At least what I'm proposing is doable.

Time to approach a solicitor me thinks.

Thanks again.