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Lasting Power Of Attorney
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I arrived home to a request from a close family member to be 'Lasting PoA' on their behalf which has never ever been discussed or mentioned to me before, this has quite upset me as does this mean they know they are dying ?
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It really is a compliment .... you are trusted totally. It may be that the person concerned is finding it hard to keep on top of paperwork or is looking to the future when s/he will not be able to cope/ get out of the house easily/ worried about someone taking money. My mil gave enduring power of attorney to himself when she was diagnosed with dementia... if it had been left too much longer she would not have been able to do it as she slipped quite quickly into the dementia.
It's just thst they trust you to handle their affairs.
I did it for my Mum when she started to get a bit frail - it was initially simple things like going to the Bank for her and then moved on to me handling all her financial affairs, arranging for her medical treatment, dealing with her Pensions and Investments, arranging Disability Benefits and so on - and then when she died I arranged her Funeral and sorted out her wishes in her Will.
It was a privilege!
I did it for my Mum when she started to get a bit frail - it was initially simple things like going to the Bank for her and then moved on to me handling all her financial affairs, arranging for her medical treatment, dealing with her Pensions and Investments, arranging Disability Benefits and so on - and then when she died I arranged her Funeral and sorted out her wishes in her Will.
It was a privilege!
It definitely doesn't mean that they know they are dying.
My mum and dad completed POA's in favour of me and my brother at the same time that they made their wills, years ago. They have not been registered (is that the correct term?) but all the paperwork is completed and lodged with a solicitor just in case it is ever needed in the future.
My mum and dad completed POA's in favour of me and my brother at the same time that they made their wills, years ago. They have not been registered (is that the correct term?) but all the paperwork is completed and lodged with a solicitor just in case it is ever needed in the future.
Recognizing, up front, that there may be massive differences between law in the U.K. and here in the U.S., I would say that often, it's only major holdings that are important when helping a person with their affairs.
By that I mean, Power of Attorney isn't needed for paying their bills out of a checking account or transferring money from a savings account to a checking account, as long as the person performing those duties is listed as a co-owner of the accounts. Additionally, if there's real estate involved, especially if it's "free and clear" from hindrances, such a mortgage, the person, again, performing the duties can be listed on the title of the property as a co-owner. Same with automobiles and the like.
When my own parents were becoming elderly, they asked me to hold power of attorney. After talking to their own attorney, it was decided just to enter my name on each of the accounts/titles rather than go through the problems encountered with power of attorney, such as getting a bank or title company to recognize your "power of attorney" appointment.
Once one's name is legally entered on the various accounts, there's no longer any argument. Additionally, when my parents died, final payment of their final bills as well as disposing of the properties became a relatively simple matter... much easier than holding power of attorney when both parents had died and could no longer verify the appointment.
Several factors made this the best choice for us... one major one being that I was an only child and didn't have to deal with dissaffected relatives. It's amazing how a previously loving and caring family can be torn apart when money and/or property is involved. Again, all of that is no longer an issue, since the co-ownership cannot be contested whereas power of attorney can... and sometimes rather easily.
Best of luck!
By that I mean, Power of Attorney isn't needed for paying their bills out of a checking account or transferring money from a savings account to a checking account, as long as the person performing those duties is listed as a co-owner of the accounts. Additionally, if there's real estate involved, especially if it's "free and clear" from hindrances, such a mortgage, the person, again, performing the duties can be listed on the title of the property as a co-owner. Same with automobiles and the like.
When my own parents were becoming elderly, they asked me to hold power of attorney. After talking to their own attorney, it was decided just to enter my name on each of the accounts/titles rather than go through the problems encountered with power of attorney, such as getting a bank or title company to recognize your "power of attorney" appointment.
Once one's name is legally entered on the various accounts, there's no longer any argument. Additionally, when my parents died, final payment of their final bills as well as disposing of the properties became a relatively simple matter... much easier than holding power of attorney when both parents had died and could no longer verify the appointment.
Several factors made this the best choice for us... one major one being that I was an only child and didn't have to deal with dissaffected relatives. It's amazing how a previously loving and caring family can be torn apart when money and/or property is involved. Again, all of that is no longer an issue, since the co-ownership cannot be contested whereas power of attorney can... and sometimes rather easily.
Best of luck!
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