Enduring Power of Attorney (again)

Mojisola

Biggles wrote: »

No, they can sign on different days and even in different places as long as their signatures are witnessed at the time.

Well, that's put my mind at rest.

Many thanks, Biggles!

Biggles

Savvy_Sue wrote: »

I don't think there's much chance of seeing them or the other person they want to act for them before the end of the month!

Just remember: the whole thing (donor signing, attorney(s) signing and witnesseses signing) must still all be completed before 1 October, though, to be valid. If necessary, they could send the forms to you, special delivery (unless there's another postal strike!).

Savvy_Sue

Biggles wrote: »

Just remember: the whole thing (donor signing, attorney(s) signing and witnesseses signing) must still all be completed before 1 October, though, to be valid. If necessary, they could send the forms to you, special delivery (unless there's another postal strike!).

Yup, we have it in hand now, thanks, had a conversation tonight and resolved my issues!

gudda96

I think I understand most of this attorney situation and it means if one of the 2 spouses become infirm, the other can act on their behalf.

As our accounts are joint, and either of us can draw money/make cheques out etc, sure the able spouse can carry on doing this on behalf of both?

If so, why the neen for POA

lisyloo

Cancel a stolen credit card?
Sell the house?

It's not common for EVERYTHING to be in joint names e.g. gas, electricity, water, credit cards etc.

What about if you want to sell their car? etc.

Biggles

The first point is that the EPA will last indefinitely and, if each of you has, say, each other and a son/daughter as their attorneys, then the son/daughter will be able to help if both of you become infirm in some way (maybe one of you loses 'mental capacity' and the other is, either permanently or temporarily, insufficiently mobile to handle your own affairs).

But, to deal with your specific point: are all your accounts joint? (I know ours aren't, mainly for tax reasons). And there are other matters that can't be joint, such as pensions, benefits, income tax matters, insurance etc etc. And even if your house is in joint names, it may be you will need the EPA to sign, if one is not able to, when it comes to needing to sell (not sure about the technicalities of this last one but it could be the most crucial).

Savvy_Sue

Yup, the credit cards are a nightmare to deal with, because even though most of ours are 'joint' cards because we both have them, they insist on speaking to the 'main' account holder whenever anything goes wrong. Since I can never remember who is the 'main' account holder on each of our cards, this gets silly: DH couldn't use one of his cards over a weekend, tried to report the problem but couldn't until I was there to speak to them. I couldn't even set up a Direct Debit by phone on another card without them speaking to HIM!

Mind you I'm not sure how the EPA would help: would you have to wait until you'd sent a copy of the EPA to each and every credit card / bank account? Surely they wouldn't accept your word for it over the phone? "Yes, I know my DH is the main account holder but I've got his EPA in my hand ..." :rotfl:

BTW, reporting cards stolen MAY be more straightforward: DS2's switch card was lifted at work, and I had no problem phoning to report it before he got home! He had to go into the branch to pick the new one up, I think. Or to activate it. Something like that, anyway.

Mojisola

gudda96 wrote: »

I think I understand most of this attorney situation and it means if one of the 2 spouses become infirm, the other can act on their behalf.

As our accounts are joint, and either of us can draw money/make cheques out etc, sure the able spouse can carry on doing this on behalf of both?

If so, why the neen for POA

I first came across POAs when listening to a Radio 4 programme. A couple had everything in joint accounts, thinking like you (and I) did. The husband was in a car accident and was in a coma (he later made a full recovery.)

The wife made an appointment at the bank to explain the situation - she felt she might need the bank to be understanding if the accounts were not run as smoothly as usual while things were very stressful. The bank's reaction was to instantly freeze all their accounts. Their justification was that they had a duty of care to both of them and, while her husband was in a coma, they had to protect his interests.

It left her in a dreadful financial position. The bank was unmoved, saying the couple should have arranged POA to allow them to deal with each other's finances.

margaretclare

Mojisola wrote: »

I first came across POAs when listening to a Radio 4 programme. A couple had everything in joint accounts, thinking like you (and I) did. The husband was in a car accident and was in a coma (he later made a full recovery.)

The wife made an appointment at the bank to explain the situation - she felt she might need the bank to be understanding if the accounts were not run as smoothly as usual while things were very stressful. The bank's reaction was to instantly freeze all their accounts. Their justification was that they had a duty of care to both of them and, while her husband was in a coma, they had to protect his interests.

It left her in a dreadful financial position. The bank was unmoved, saying the couple should have arranged POA to allow them to deal with each other's finances.

Yes, i've heard of this happening. I also heard of a different scenario - husband had everything in his name, he paid all the bills, gave the wife just 'housekeeping' money. He died suddenly, and wife had no money and no access to any funds at all until his estate went through probate. Well, she had her retirement pension, 60% of his, but that wasn't enough to pay the normal household bills, gas and electricity etc. Following that, DH and I opened a joint account just for the household bills, we both fund that account and all the bills get paid automatically by monthly DD. So whatever happens to either or both of us, the other one won't be threatened with having services cut off.

IMHO it's a good idea to keep savings accounts separate if only for the tax implications, each having an individual ISA entitlement.

We've also done EPA for each other, did it a few weeks ago, all done and dusted, there until required.

Margaret

Look_after_the_pennies_2

Is it too late to set up EPA before the new charges come in? Trying to persuade my parents to do it (both are in their 70's) but very difficult as they will not discuss anything to do with wills or inheritance. They are in denial of their age and death. Has anyone got any suggestions as to how I tackle this without making them feel I am just after their money?