power of attorney experience?

kuepper

I'm starting to struggle with concentration and memory so wondering whether to give power of attorney for finance and health to my sole relative. Besides worrying that I've got more financial nous than them do you lose all control over things if you go down that road? Anyone faced a similar dilemma?

badmemory

I would certainly get the POAs now (I have them already). No need for them to actually be used until needed. But you can't actually get them if you already need them. Better to be prepared. When you get them YOU keep the paperwork, so unless someone is prepared to strongarm them out of you it is your choice & if they are likely to strongarm the POA out of you then you have chosen the wrong attorney.

Morglin

I've got POA over my Dad, which has proved vital, and been a tremendous help. He asked me to take it out some years back, but obviously, I didn't do anything with it until I needed to.

To try and get POA once the person has lost mental capability is a tortuous ptocess, or it was with my mum, so best do it before. She needed independent assessments, and although it was finally granted, it took ages and I had to get a solicitor involved.

My husband and I have completed the forms for each other, in case they are ever needed.

Providing you trust the other person, it's a straightforward process, although it takes a few weeks, and worth doing.

From memory, it cost me a couple of hundred in fees, per application, but I don't know what it costs now.

Lin

Browntoa

Anyone can still challenge the actions of a POA if they feel the attorney is actings illegally or not in your best interests

Keep_pedalling

You only lose all control when you have lost the mental capacity to act for yourself. We have had LPAs in place for a good number of years now, but they are simply in place in case accident or illness strikes either of us down.

Providing you trust your relative to look after your best interests then get it done. You really should have at least one other attorney or a back up attorney in case your relative is unable to act when the time comes.