Power of Attorney

charlotte99

Hope this is right forum. I am the executor of my mum's will but speaking to a mate whose mother died he said I should really get power of attorney as well. He was in same position and said it took months to actually get the money off the bank. I think he was saying that as executor it's my role to ensure the wishes are met but to actually get hold of the money in her accounts I need the POA. Is that right ?.

Mojisola

If your mother needs help to manage her affairs while she's alive, you could apply for POA.

Once she dies, the POA dies with her.

charlotte99

I see...thanks but how then do we get our hands on the lolly ?...not that I'm in a hurry !!

Mojisola

The speed of settling the estate depends on the size of it and how the money is tied up. If there's a property to sell, it could be some time.

Which? do some very good books on wills and dealing with things after someone dies.

jonesMUFCforever

Power of attorney dies with the deceased and will in no way help you get your hands on the lolly.

jackyann

In case you are worrying: Funerals bills can be paid from the estate of a deceased person.
Have been involved in executing wills twice and it didn't take long to distribute some of the money.

What you can do with PoA, if you want, is to "tidy" up accounts etc. so that as executor you are not chasing every little account that was opened 50 years ago & not closed properly.

jonesMUFCforever

jackyann wrote: »

In case you are worrying: Funerals bills can be paid from the estate of a deceased person.
Have been involved in executing wills twice and it didn't take long to distribute some of the money.

What you can do with PoA, if you want, is to "tidy" up accounts etc. so that as executor you are not chasing every little account that was opened 50 years ago & not closed properly.

Having to register a PoA with all financial institutions will prove to be more of a nightmare than dealing with old accounts!

dzug1

jonesMUFCforever wrote: »

Having to register a PoA with all financial institutions will prove to be more of a nightmare than dealing with old accounts!

I'm not sure I see any difference in principle in sending PoA to myriad institutions and sending the same institutions copies of death certificates/probate, etc. Both processes are a little tedious especially when some of the institutions are lacking in efficiency.

dzug1

charlotte99 wrote: »

I see...thanks but how then do we get our hands on the lolly ?...not that I'm in a hurry !!

You apply for Probate on the will - and yes it can take a while.

Continuing to use the PoA after death is tantamount to fraud - as is using it before death to your own advantage rather than the donor's.

jonesMUFCforever

dzug1 wrote: »

I'm not sure I see any difference in principle in sending PoA to myriad institutions and sending the same institutions copies of death certificates/probate, etc. Both processes are a little tedious especially when some of the institutions are lacking in efficiency.

Doing it once when the person is alive - then having to do it again with Probate = twice the work and stress surely.

Savvy_Sue

dzug1 wrote: »

I'm not sure I see any difference in principle in sending PoA to myriad institutions and sending the same institutions copies of death certificates/probate, etc. Both processes are a little tedious especially when some of the institutions are lacking in efficiency.

I think the difference is that most institutions have seen and dealt with numerous death certificates and probate situations, so should be able to get it right first time.

The new PofA is a different matter: financial institutions seem to vary in their ability to deal with it!

OP: the advantage of your mother giving you PofA while she is still of sound mind is that it is a heck of a lot easier to do so than after she has lost 'capacity'. However, she may not wish to do this - I've suggested to my MIL that this might be a good idea as FIL is in the early stages of dementia, but she says he won't hear of it - and he still has some capacity.

But it won't help you get your hands on the lolly before she's died. That's assuming she's left it to you in any case ...