LPA and donor inheriting money - help needed

Jovibear

Please help me with my confusion in this area...!

I have a LPA in place for my father who suffers from mild dementia/forgetfulness. I do not manage his financial affairs (bank unaware of LPA as he lives some distance away from me and needs to be able to look after his own cash on a day to day basis). He has previously been scammed out of thousands of pounds and is vulnerable - this was the reason for instigating the LPA. His brother sadly passed away recently and my dad is due to inherit a decent sum of money. I have been dealing with matters on his behalf with the solicitors etc.

I am my dad's only child and he has written a will bequeathing all of his assets to me whenever he should pass away.

I am concerned that in the near future my dad will need to live in a nursing home if his mind deteriorates (I have 3 young children and won't be able to care for him). Rather selfishly, knowing that with cash in the bank my dad will have to pay for such nursing care, I wondered if there's anyway in which the inheritance due from my uncle's estate can come directly to me as the attorney (therefore not passing thru my dad's account). The money will come to me eventually and I 'm trying to avoid it being frittered away on nursing home bills. I know it sounds incredibly callous - but just interested if anyone knows about this area? Thanks.

molerat

Unbelievable !!

cte1111

As an attorney, you are meant to act in the person's best interest. I can't see how taking his inheritance for yourself is doing so.

Not sure what to say about the 'frittering away on nursing home bills' comment. How is paying for your father's care, ensuring he is safely looked after and has a room over his head 'frittering'?

kidmugsy

It's a common request - tell me how I can diddle the taxpayer into paying for my old ma/pa. But lots of people here are, I'd guess, taxpayers, and are none too keen.

Linton

Wow!!

Perhaps a pillow or an accidental fall down stairs would do the trick.

As an LPA your duty is to act in the best interests of your father. I would have thought that any reasonable person would consider that should your father need a care home his best interests would be served by him living in the most comfortable and caring surroundings his money could buy. Spending his money in that way is not "frittering it away".

xylophone

https://www.gov.uk/power-of-attorney/register-a-lasting-power-of-attorney

"A lasting power of attorney can only be used if it’s been registered with the Office of the Public Guardian."

http://www.timms-law.com/duties-of-an-attorney-under-a-financial-lasting-power-of-attorney

[B"]Other duties and obligations are set out in chapter 7 of the Code of Practice. They include:
[/B]
A duty of due care when making decisions on behalf of the donor
To carry out instructions as required by the Lasting Power of Attorney (LPA)
A duty not to delegate the powers given to you under the Lasting Power of Attorney (LPA) unless you have been authorised to do so
Not to benefit yourself but to benefit the donor - this means avoiding conflicts of interest and in particular not profiting or acquiring personal benefit from your position
A duty of good faith, which means to act with honesty and integrity
A duty of confidentiality - to keep the donor’s affairs confidential unless the donor has consented otherwise
To comply with the directions of the Court of Protection
Not to give up the role without telling the donor and the Court.
And specifically in relation to Property and Financial Affairs LPAs (Lasting Power of Attorney):

To keep the donor’s money and property separate from your own
To keep accurate accounts of your dealings as attorney."

I fail to see how the executors of your late uncle's estate can legally pay your father's money into an account in your sole name.

laurel7172

kidmugsy wrote: »

lots of people here are, I'd guess, taxpayers, and are none too keen.

Lots of people here are sons and daughters who value their parents' wellbeing above an inheritance.

Pollycat

Jovibear wrote: »

I am concerned that in the near future my dad will need to live in a nursing home if his mind deteriorates (I have 3 young children and won't be able to care for him). Rather selfishly, knowing that with cash in the bank my dad will have to pay for such nursing care, I wondered if there's anyway in which the inheritance due from my uncle's estate can come directly to me as the attorney (therefore not passing thru my dad's account). The money will come to me eventually and I 'm trying to avoid it being frittered away on nursing home bills. I know it sounds incredibly callous - but just interested if anyone knows about this area? Thanks.

You should really be concerned that your Dad - should he even need it in the future - gets the best care he can.

"Frittered away"? I really don't believe you can write this!
OK, you go ahead and take your Dad's money and when/if the time comes for him to go into a care home, if it is funded by the local council it will be the cheapest one around.
Is that what you really want for your Dad's last years?

Go ahead and take the money - if you can find a way round it.
I doubt very much if anyone on this forum - even if it is possible for you to do want you want - will advise you how to do it. Because it's a callous and selfish thing.

After writing your post, how can you look at yourself in the mirror?
I really pity your poor Dad who probably doesn't know the child he's raised is planning to rip him off.

At least you acknowledge you're selfish & callous - which is probably your only virtue.

System

It is possible to change a deceased's will within two years of death by a deed of variation, which has to be agreed and signed by all the beneficiaries.
It's a common way of making tax-efficient changes to a poorly-drawn up will while still adhering to the person's wishes.

It might be worth getting advice on a DoV of your uncle's will to set up a discretionary trust with your father and you as beneficiaries and some impartial trustees. That might secure the money while still having it available for his care if needed.

le_loup

[QUOTE=Jovibear;63609268_The_money_will_come_to_me_eventually_and_I_'m_trying_to_avoid_it_being_frittered away on nursing home bills.[/QUOTE]
Is this YOUR dad you are speaking of?
Then again, if you want me to pay for his care rather than you - then I don't think I should be surprised.
Shame.

ognum

OP this is a common thread on this board, it would really have been better if you used the search function and you would have found the type of reply you will get.

I understand that you are trying to find information on how to legally protect your inheritence. This however should have been done by your uncle who could easily have left his assets to you if this is what he wanted, he did not, he left them to your father.

Your father will be one of the lucky people who will be able to buy good care in his needy years, this is the correct use of his money and it is illegal to defraud the HMRC and expect his care to be funded by the rest of us when he has the funds to pay for it.

Please consider yourself lucky to have your father still with you and if you are fortunate to inherit in the future then it wll then help your family. Until then look after your father.

Your father can of course make contributions to your family from money he does not need during his life. His estate may be required to pay inheritence tax on these if he dies within seven years of the gift and it may be considered deprivation of assets if he cannot fund his own care.