Power of Attorney

margaretclare

Savvy_Sue wrote: »

Do check what will happen to a joint account on the death of the first one (cheery thought I know!) Some banks will freeze an account in that situation which can obviously cause difficulties.

Do you happen to know which banks?

The whole point of setting up a joint account was that everything would continue to tick over, bills getting paid etc, in the event of the worst happening. I got this idea from seeing a lady in great distress (when I worked at CAB a few years ago now) whose husband had died and she hadn't enough money, from just her own 60% state pension, to pay all the bills. I persuaded DH to set up a joint account, to be funded by both of us from our own accounts, no card, no cheque-book, just direct debits going out automatically. He'd had bad experiences about joint accounts in a previous marriage!!! It has worked well for us so far - why should it get frozen if it is still being funded?

Biggles

inholms wrote: »

Scary indeed, I make the point again, “I feel as if I’ve woken up in 1984” How have things come to this? It makes me wonder now what other things the Government have done in this clandestine sinister way. My thoughts at this stage are to do everything I can NOT to set up Enduring Powers of Attorney. To use the system would mean that the Government has won and could claim it works. I would prefer to find legal and effective ways round it.

To be honest, the changes were fairly well publicised, especially on MSE, at the time. Indeed there was quite a campaign to remind people that they needed to take out the EPA before the cut-off date of 1 Oct 07 when the LPA came in. There's no doubt that the new procedure is somewhat more involved (though still relatively straightforward) but it would no doubt be argued, with some justification, that that is to better protect the vulnerable. And the price (now it's been reduced from £150) is just the same as the old EPA (and free if on Pension Credit etc).

The LPA is a very useful document that should simplify and legitimise what you need to do. To transfer all their assets to you is a step I would be very wary of for the reasons pointed out by Monkeyspanner.

dontknowwhatimdoing

margaretclare wrote: »

Do you happen to know which banks?

To reply in reverse - my husband (retired Bank manager) said that joint accounts always used to be frozen when one account holder died, and that some still do this (disgraceful).

He read recently on a communication from Nat West that they now keep a joint account running when one holder dies.

Always check though.

inholms

Again there has been discussion on this.
Check PatWinnings thread, "help please, any appreciated!!!!!!!" for info on this.[/QUOTE]

Sorry, I can't get into this page. Would you mind to paste it into this thread?

Many thanks

localhero

Op, I am not a fan of vested interests and the `establishment` and I am sorry you are scarred by your experiences at the hands of a rip-off solicitor.

Your defiance is all well and good - however it is misguided.

The advice of Biggles and monkeyspanner is sound. Transferring assets into your name creates more problems than it solves - and so my advice would be to download the LPA forms and read the notes. If your parents have an income of less than 11.5k then there will be no fee to register them. The whole thing will cost you nothing - zip.

Next, if they want to safeguard their home and other assets from long term care fees get them in front of someone qualified to write appropriate Wills. This need not cost a great deal if you do your homework. The important proviso is to arrange this while they are still alive and have the capacity to do so - and is all quite legitimate.

Best of luck.

DiggerUK

Inholms,

Here is the link.
http://forums.moneysavingexpert.com/showthread.html?t=1783857

Plus another one.
http://forums.moneysavingexpert.com/showthread.html?t=1798971

Savvy_Sue

For those who think something strange has happened to this thread, I have moved a post on swine flu to DT at the OP's request, and deleted references to it to keep this thread flowing smoothly.

Gers

For those who are in Scotland the public guardian office is:

http://www.publicguardian-scotland.gov.uk/forms/power_of_attorney.asp


The forms for the Continuing and Welfare PoA are downloadable and can be completed and signed all without a solicitor. The only payments are £60.00 registration fee and any fee from the doctor/solictor who has to sign another form to confirm that the Granter is fully aware of his/her actions and is not acting under duress.

Just about to embark on this with my mother and it seems pretty straightforward as long as we both know and discuss the extent of both responsibilities.