Power of attorney

Jake'sGran

I saved a lot for retirement but can't use it now due to deteriorating health.. I have enquired about Power of Attorney and the solicitor
who drew up the wills wants £700 for a POA document. Does anyone know of a cheaper way of doing this.

My husband and I have always had seperate savings etc. He gets very confused about money matters and wouldn't know where to start in sorting out my affairs (I expect to pop-off before him.)

It will be my daughter who will have the POA. One of her friends has told her that a solicitor is not necessary.

xylophone

https://www.gov.uk/power-of-attorney/overview
See this guide for assistance.

Torry_Quine

You do realise that POA is for when the person ie you is still alive? It cannot be used to sort out an estate after death, it's the executor that does that. Of course that may well be the same person,

le_loup

A solicitor is certainly not necessary.
There is lots of DIY advice out there.

talexuser

I got POA for my mother (both financial and health) through our solicitor for around £300. If you are doing both types for 2 people the base cost of doing it yourself will be around £520 in fees to the govm't. It takes a few months to complete the whole process.

G_M

Mad to waste money like this.

A POA can be drawn up perfectly legally, and easily, without paying a solicitor.

What the solicitor can do is explain what it means, what the risks are, what the process is.

But all that information is available if you are literate and have common sense.

http://www.bbc.co.uk/blogs/theoneshow/2010/01/power-of-attorney-top-tips.shtml

https://www.moneyadviceservice.org.uk/en/articles/setting-up-a-power-of-attorney

http://www.ageuk.org.uk/money-matters/legal-issues/powers-of-attorney/powers-of-attorney-faqs/

http://www.justice.gov.uk/forms/opg/lasting-power-of-attorney

BobQ

Jake'sGran wrote: »

I saved a lot for retirement but can't use it now due to deteriorating health.. I have enquired about Power of Attorney and the solicitor
who drew up the wills wants £700 for a POA document. Does anyone know of a cheaper way of doing this.

My husband and I have always had seperate savings etc. He gets very confused about money matters and wouldn't know where to start in sorting out my affairs (I expect to pop-off before him.)

It will be my daughter who will have the POA. One of her friends has told her that a solicitor is not necessary.

If you are talking about here and now yes you can grant someone a PoA to manage your affairs. You need to go to:
https://www.gov.uk/power-of-attorney/overview and there are separate PoA for Financial Affairs and Health Affairs.

Basically you fill in a form and get people who know you to confirm that you are of sound mind etc.

However you seem to be speaking of when you are dead. There are two ways of doing this.

You can leave your money in your will to your husband. But if (as you say) it will cause him confusion, he needs to have made a POA while he is of sound mind (like now) to allow your daughter to deal with his affairs. It does not have to be invoked now, it could wait until he is unable to cope or wants it to happen. This would be an inexpensive way of doing it.

The other thing is to use your will to leave your money to a discretionary trust which your husband is the beneficiary of and your daughter a trustee. But this is complicated and would need a solicitor to draw up .

Jake'sGran

BobQ etc

Many thanks for your reply to my post. I apologise for not replying sooner but I have been in hospital a few times since I wrote it.

We are both of sound mind although my family thought I had changed when I first started to be ill. I have a serious anaemia problem and have had to have 2-3 transfusions. It looks like this will be a regular procedure.

I will make a copy of your reply and give it to my daughter. She is the main beneficiary and also the executor. Provision has been made for others in the immediate family including my husband although he has ample funds to last the rest of his life.

G_M

I'm also now confused: are you asking about

1) Power of Attorney - someone to manage your money and/or health decisions for you while you are alive (perhaps because you are in hospital or too weak/sick to be able to devote time and thought to your affairs)

OR

2) an Executer, who will manage the money you leave behind (in your will) after your death?

home_alone

Torry_Quine wrote: »

You do realise that POA is for when the person ie you is still alive? It cannot be used to sort out an estate after death, it's the executor that does that. Of course that may well be the same person,

Not true, my mother died 13 years ago and the family are seeking nursing home fees repayment and I have been granted POA through the courts to sort out her estate should the claim be successful.

Torry_Quine

home_alone wrote: »

Not true, my mother died 13 years ago and the family are seeking nursing home fees repayment and I have been granted POA through the courts to sort out her estate should the claim be successful.

I'm not going to argue with you. I have never heard of POA being used after death but courts can presumably do this. This is a very specific situation though.