Lasting Power of Attorney

clearingout

I am an only child, have a good relationship with my mum who is now nearly 80 and although is in good health with all her faculties, she is acutely aware that she's not getting any younger. She has made a will and has split her estate between me and my children (I get half, the children the other half between them).

We are unclear as to whether we need to do the Lasting Power of Attorney 'thing' and what the benefits of it are. She is not without money (at the moment - that will depend, I guess, on how long she lives). I am OK for money in my own right but couldn't meet both our bills for any longer than a month if there was some reasons she couldn't pay them (I am thinking an extended stay in hospital?), for example.

I have googled but to be honest, I still don't really get it. Can anyone shed any light in words of one syllable (or less!)?!

Many thanks!

Mojisola

clearingout wrote: »

I am an only child, have a good relationship with my mum who is now nearly 80 and although is in good health with all her faculties, she is acutely aware that she's not getting any younger. She has made a will and has split her estate between me and my children (I get half, the children the other half between them).

We are unclear as to whether we need to do the Lasting Power of Attorney 'thing' and what the benefits of it are. She is not without money (at the moment - that will depend, I guess, on how long she lives). I am OK for money in my own right but couldn't meet both our bills for any longer than a month if there was some reasons she couldn't pay them (I am thinking an extended stay in hospital?), for example.

POA allows you to act for your mother if she becomes incapable.

theoretica

It is a very sensible safety net to have - if for any reason she can't handle her own money, either temporarily or permanently, it is so much easier if she has already said who she wants to take over.

Mojisola

clearingout wrote: »

She is not without money (at the moment - that will depend, I guess, on how long she lives). I am OK for money in my own right but couldn't meet both our bills for any longer than a month if there was some reasons she couldn't pay them (I am thinking an extended stay in hospital?), for example.

Having POA for another person doesn't make you responsible for them, financially or otherwise. It lets you act for them if they can't do it for themselves. It's well worth having.

dzug1

By the time she becomes unable to handle her own affairs it will be too late to set up a Power of Attorney


Having one doesn't mean she can't continue to manage her affairs in the meantime

troubleinparadise

The Lasting Power of Attorney is a very good idea for an aging parent (well, anyone!) - it needs only be activated once the donor is no longer able to act for themselves, but can save a lot of heart and headaches if that stage is reached without one in place.

It is a long form, and costs £110 to register (from the donor's assets), but is definitely worth doing.

Without it, the Court of Protection will appoint a deputy to handle someone's affairs on their behalf, and this can take weeks - which if in a time of crisis really is another stress.

https://www.gov.uk/government/collections/lasting-power-of-attorney-forms

If you are thinking of getting things in order, making sure utilities etc are paid via direct debit helps keep things ticking over if a stay in hospital happens.

bugslet

In simple terms - get one!

I had one in place for my OH when he became ill with dementia, it made my life so much easier at a difficult time.

Hopefully you won't need it, but it's really useful if you do.

trailingspouse

I'm in a very similar position OP - my parents are 78 and 83 respectively, and I'm also an only child. When they come to visit next week we will be doing the paperwork for me to have a lasting power of attorney, because as my father so elegantly put it, it'll be too late once they've gone doolally.

I'm going to take the opportunity to have 'that' conversation - about what sort of funeral they want. They've already decided which nursing home they'll go into if the need arises, and have chosen and paid for their burial plot. Very organised!!

Mojisola

trailingspouse wrote: »

I'm in a very similar position OP - my parents are 78 and 83 respectively, and I'm also an only child. When they come to visit next week we will be doing the paperwork for me to have a lasting power of attorney, because as my father so elegantly put it, it'll be too late once they've gone doolally.

I'm going to take the opportunity to have 'that' conversation - about what sort of funeral they want. They've already decided which nursing home they'll go into if the need arises, and have chosen and paid for their burial plot. Very organised!!

Good for them - it will make things so much easier for you to cope with.

Now - because life doesn't always run smoothly, make sure they know what you would like done if you die before them and check whether they've included a clause in their wills saying what would happen to their money if you predecease them.

clearingout

thanks for your responses. I guess I'm convinced! Is it something that we can do ourselves or do we need a solicitor?

troubleinparadise

If you use the link I posted the forms are there on the website.

It is something you can do for yourselves - having a solicitor do it will add at least £500 to the cost, and they aren't necessary unless you are very unsure, or you need the "legal" aspect, say for an uncertain person or relatives who might question the process.

Just make sure you fill out the forms correctly, or they get returned and it takes even longer (or if dealing with someone whose capacity is going fast, you might miss the chance completely).

The "Health and Welfare" Attorneyship can be useful if you are dealing with someone whose health is declining - you can then be their spokesperson, but it isn't vital. It is useful to know what your parents' views on treatment should they be in a life-threatening condition - resuscitation for instance - as being asked that can be difficult to answer on someone else's behalf unless you know their views. A bit maudlin that point, but again it can be helpful later.