Power of Attorney guide discussion

Biggles

rochja wrote: »

http://www.ehow.co.uk/about_5040235_general-power-attorney-mean.html

That's just copied and pasted from www.ehow.com, ie their US site, none of it uses UK terminology.

I'm afraid www.ehow.co.uk is full of rubbish like that, it's very lazy.

Blue_Max

rochja wrote: »

http://www.ehow.co.uk/about_5040235_general-power-attorney-mean.html

Thanks 'rochja' for the link. BUT .......
Joseph Nicholson, authour of the article "What Does a General Power of Attorney Mean?" is described as:
"Joseph Nicholson is an independent analyst whose publishing achievements include a cover feature for "Futures Magazine" and a recurring column in the monthly newsletter of a private mint. He received a Bachelor of Arts in English from the University of Florida and is currently attending law school in San Francisco."

And the article did not have anything specific to help with my problem.

Also isn't it possible that US law is different from English Law?

Any advice that would help to solve the problem will be appreciated.

ropewalk

dzug1 wrote: »

To add the next generation you would need to draw up a new power of attorney.

Quite so, another visit to the solicitors... another set of bills... that is why I suggest the original is set up with more than one attorney.
Ropewalk

PS Sorry - not sure if the quoting is working

ropewalk

Dzug said:
<<Two attorneys can have problems - do you say they must act jointly? Stalemate if they can't agree. Or severally - conflict if one does something the other doesn't want to do.>>

My reply:
Acting separately, jointly would be an absolute nightmare. One at a time please. If you can't agree that together, then perhaps you shouldn't have them as your attorneys!

Dzug said
<<Not sure what happens if one of two attorneys dies - it could void the PoA entirely, or the remaining one could be entitled to act. The wording of the PoA will be relevant. For example on the PoA I have I am sole attorney. It does name a second attorney who would take over if I died/wanted to give up - but the PoA would have to be reregistered with a fresh fee.[/QUOTE]

My reply:
I don't understand this, I have taken over my brother's affairs from our mother. There were four of us named on the original POA, we haven't had to re-register because I was already on there when it was registered. I don't necessarily agree with everything that she has done, but that is not the point, she looked after his affairs for years, and now I am doing it. If she dies it will not change things at all, that is the whole point of having more than one person named.

Sue

dzug1

ropewalk wrote: »

!

Dzug said
<<Not sure what happens if one of two attorneys dies - it could void the PoA entirely, or the remaining one could be entitled to act. The wording of the PoA will be relevant. For example on the PoA I have I am sole attorney. It does name a second attorney who would take over if I died/wanted to give up - but the PoA would have to be reregistered with a fresh fee.

My reply:
I don't understand this, I have taken over my brother's affairs from our mother. There were four of us named on the original POA, we haven't had to re-register because I was already on there when it was registered. I don't necessarily agree with everything that she has done, but that is not the point, she looked after his affairs for years, and now I am doing it. If she dies it will not change things at all, that is the whole point of having more than one person named.

Sue[/QUOTE]

In this case the second attorney was not named in the main PoA as such but as a replacement attorney in a separate part of the document - and it does need re-registering if this is the case.

The reasons for doing it this way were (in hindsight) not really valid.

Christabel

I have put it off for weeks but am now looking at completing a Power of Attorney form for my parents. They are both in good mental and physical health at the moment.
I am coming on ok with the forms until it says Restrictions and Conditions about Property and Financial Affairs. The guidance document gives some examples but not enough. Could people out there tell me what they put please? Obviously everyone's position is slightly different but I don't want to miss something really important out.
I will be acting as attorney along with my two brothers so I have ticked the box for Jointly for some decisions and jointly and severally for other decisions. My parents no longer own their own house as my brother does and they live there rent free so I guess no decisions are to be made about property. So far I have said that we must act together about investments as Dad has some shares. Also to act jointly when making gifts and major financial decisions but we can act separately when paying utility bills and household bills. Have I missed something out do you think? Your help gratefully received.

Savvy_Sue

Christabel wrote: »

My parents no longer own their own house as my brother does and they live there rent free so I guess no decisions are to be made about property.

I'm afraid I'm no help with the rest of your post, but I do hope that you had good advice about the implications of this, because if HMRC think if this was done in order to avoid paying tax or care home fees (should they be necessary) then you could be on a sticky wicket. And I believe that includes your brother being taxed on the income he might have been expected to receive in rent if he was letting it commercially.

Also should either of your parents ever need residential care or help at home, then it's entirely possible that the local authority will assess their finances as if they still owned the home - Deliberate Deprivation of Assets is the phrase to google.

If you DID get good advice (ie not just on an internet forum) feel free to ignore me, and don't feel you have to respond or justify yourself, and hopefully someone will be along to help with the rest, although the examples you give sound reasonable.

Biggles

Savvy_Sue wrote: »

I'm afraid I'm no help with the rest of your post, but I do hope that you had good advice about the implications of this

Yes, that was my first thought, this can be a minefield for so many reasons.

There could potentially also be Inheritance Tax to pay on the value of the house if it was gifted, otherwise on the difference between the value and the price paid.

John_Pierpoint

A useful "money" site looks into the welcome extended to those with power of attorney:

http://www.savvywoman.co.uk/c8-pages/c8s3.php?art_id=770

It is enough to encourage identity theft.:(

alanq

That site got a mention in today's BBC Radio 4 Money Box programme.

I think that, if accurate, that site gives useful information for those seeking which bank to deal with when having LPA. It doesn't give any information that cannot be obtain by laboriously asking each bank.

I spotted one thing that I believe is inaccurate.
"When you register a power of attorney you can request certified copies and I’d recommend that you get as many as your relative has accounts (plus a couple for spare). It’s cheaper than getting certified copies (which you have to do at a solicitor) after the event. "

"The OPG will provide office copies only in exceptional and limited circumstances." (In any case I'm not sure that an "office copy" is equivalent to a "certified copy".)
http://privateclient.practicallaw.com/3-508-0981

If copies are provided they cost £35 each (no exemptions) which is admittedly cheaper than the £5 per sheet a local solicitor has quoted me. But for institutions with local branches why pay £35 when one can go into a branch and let it make its own copy free of charge?