Power of Attorney and Bankruptcy

viking72

Me and my brother have Power of Attorney over my father. We've just registered it and starting to go through the motions of taking over the authority of my father's bank accounts etc . . .

The problem is that my brother has run into a lot of debt and is about to declare himself bankrupt. I've read on a few sites that if an attorney is bankrupt then the POA is revoked.

Now does that just mean my brother's power is revoked? Or is it the whole POA, because I have no problems with debt, I look after all my finances extremely well and my dad still needs someone to look after his affairs.

If it makes a difference me and my brother have the POA where we both have to make the decisions, ie one cannot act on their own.

Hopefully it'll just be a matter of removing my brother from the POA.

Anybody had any similar experiences?

Thanks

Jake'sGran

Sounds right to me. I imagine you would need to scrap the existing POA and get a new one in your name only. You could do a Google along the lines of "Power of Attorney+Bankruptcy" and see what comes up. You might get the legal answer that way. Also, some solicitors will answer a question like this on line if you keep it simple.

Errata

POA is revoked by the bankruptcy of the donor or attorney. More information on the Public Guardianship website.

Primrose

Just be aware that the Existing Power of Attorney authorisation can only be taken out up to the end of September 2007 because on October 1, 2007 a Lasting Power of Attorney process comes into place which has more extensive powers, so act now if you want don't want to make your life more complicated.