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New power of attorney guide
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I don,t think it's possible unless the person you want to transfer power to is already listed in the document as deputy attorney. In such a case the original attorney will then permanently lose all powers to act.
The only alternative, if the grantee still has mental capacity, is to prepare a completely new Power of Attorney and start again from scratch.
This is why its important to consider whether it's sensible to allow more than one individual,appointed to act jointly and severally. Then either or the other appointee can act at any time.
Somebody on here may come along and correct me but if unsure you can ring the Offiice of Guardian and enquire. . They are generally helpful.0 -
Primrose, thank you for your advice. Grantee has mental capacity, so I suppose just cancel current one and start from scratch. I was wondering if there is a quicker and cheap money to change it.0
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Yes in that case better to start afresh if grantee has mental capacity but bear in mind it takes at least 8 or 9 weeks to register the documents and I recommend you do this straight away. If you just prepare it but don't register it straight away and the grantee has an unexpected stroke or otherwise loses mental capacity everybody' efforts will have been wasted.
Sadly there isn't a cheaper way of going about the process. One just has to view it as the price you pay for peace of mind knowing the system is in place if life goes belly up !!0 -
Myself and my two sisters have POA for my Mum who currently has full mental capacity. She is in the process of selling her house which is in trust (trustees are myself and siblings). She needs to cancel the trust in order to sell her property. My question is would you advise to put the house she is buying in trust. Paul Lewis (Moneybox, Radio 4) gave some advice saying that if your assets are worth less than 325,000 (which my Mum's are) there is no need to put property in trust in order to avoid inheritance tax. I don't see any advantage of putting my Mum's house in trust if we already have POA and so can make decisions regarding property if Mum ever loses mental capacity.
I would be grateful for any advice. I think sometimes solicitor's encourage to put property in trust due to fee they get for it.0 -
How many photocopies of an LPA should I copy and sign? Also do I need to I form my bank I have an LPA?0
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You should certify a separate copy of your LPA for every attorney and give it to them while you still have mental capacity. And register it straight away as soon as it's been prepared.
There's no point in keeping all the copies in a drawer in your own home if you suddenly have an accident, a stroke or some other life changing event where attorneys have to act for you and know know where the paperwork is stored or don't have access to it.
There is really no point in delaying registering it. That process can take up to three months for the office of Public Guardian to process and a lot of institutions may not accept the authority of the document until this has been done so a lot of an individual's transitional backlog of financial activity can pile up in that time, especially if bills are not being paid.
You can inform your bank you have granted LPAs to certain people but they will almost certainly, for security reasons, not act on it until the individual/s concerned have gone into a branch of the bank with the certified document and some personal identification themselves.0 -
Thanks, it’s already registered. We have made 5 copies. Hopefully that should be enough as we have several bank accounts. Our son (21) thinks I’m full of doom and gloom as he has been told where all the necessary paperwork is and contact details of solicitor etc. But I’ve explained that it is to make his life a bit less difficult should the worse happen.0
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My parents are both in their 80's and have decided they want to set up LPA's naming my brother and I as attorneys.
From the information on the gov.uk website it appears you need separate financial and medical LPA's.
So does this mean that we need to complete four LPA's? Two for each parent?0 -
Yes, that's absolutely correct. You can prepare them online but it,s still a lot of form filling but once you've set up accounts for both of them with an access password you can save can what you've drafted and go back and amend as you go if you think of something you wish to change.
I recommend opting for having attorneys act jointly and severally. If you opt for jointly every single cheque or financial transaction will have to be actioned jointly and if the two attorneys live a fair distance from each other this could cause real delay problems on some instances.
Your parents should think carefully about the Health and Welfare P of A as this should cover potential care home admissions and any end of life resuscitation wishes.0 -
Superscrooge wrote: »My parents are both in their 80's and have decided they want to set up LPA's naming my brother and I as attorneys.
From the information on the gov.uk website it appears you need separate financial and medical LPA's.
So does this mean that we need to complete four LPA's? Two for each parent?
Just done this with parent - we found that the forms themselves were very straightforwards. What took the time was the discussions around what to put in and what was important, particularly with the health and welfare one.All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.0
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