Power of Attorney

DE_612183

I've been asked to be a POA for my mother-in-law, I don't have a problem with this, however my MIL insisted we go to her building society to enquire about this.

The guy there said it would be no problem but did I understand the "tax" implications on myself ( which I did not ! ).

As I'm self employed income and tax is already a minefield for me and I'd don't really need added complications of this.

I said to the guy I didn’t think this was right ( now can someone else’s income & wealth have an impact on my finances ) however he was adamant it would.

Is he right?
I couldn’t find anything on the HMRC website that corroborated his information.

Browntoa

It's nonsense

Power of attorney just allows you to manage your mother in law finances , health , or both.

Has absolutely no impact on you

You can do the forms online yourself

https://www.gov.uk/power-of-attorney

DE_612183

Browntoa wrote: »

It's nonsense

Power of attorney just allows you to manage your mother in law finances , health , or both.

Has absolutely no impact on you

You can do the forms online yourself



Thats what I thought - he was so adamant and that they "do it all the time"

Malthusian

Next time you or your MIL need tax or legal advice, ask a registered solicitor or IFA, not checkout staff.

Have you done your own POA?

DE_612183

Malthusian wrote: »

Next time you or your MIL need tax or legal advice, ask a registered solicitor or IFA, not checkout staff.

Have you done your own POA?

I wanted to go to a solicitor - she wanted to go to the building society - i think her thought process was " that's where my money so they need to know about it"

I think she would prefer a solicitor to do it.

So will go down that route.

MovingForwards

They would find out about it when you walk in with a registered POA and your ID. I'm the interim they are talking out their bum!

Get a solicitor to draw it up and register it or do it yourself.

Only tax implications would be if your MIL is doing self-assessment, you would do them on her behalf as attorney or have an accountant do it on your behalf as her attorney and it's paid out of her money.

bouicca21

Did mine myself. It’s really easy as long as you concentrate on filling the forms out correctly.

Pollycat

The guy in the Building Society needs a lesson on not talking out if his a**e.

I'd be disinclined to let a company who allows such people in a customer facing role to have my money.

ariba10

Just had mine and the other half’s done.

Had confirming letter today.

Not difficult

(or expensive, unless you use a Solicitor )

Robin9

The guy in the Building Society needs training - write to their HQ

Mojisola

Dave46049 wrote: »

I've been asked to be a POA for my mother-in-law

It's better to have at least two people as POA in case one can't take on the role when the time comes or, at least, name someone else as a replacement if the first attorney can't do it.