Want to set up POA - I'm single, with no siblings, no kids.

northlondonlynn
northlondonlynn Posts: 10
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edited 1 January at 7:11PM in Deaths, funerals & probate
I'm 60, single, with no siblings and no children. I keep putting off setting up a finance POA because it's difficult to decide who I might want to grant it to - it seems like a big thing to ask of somebody! None of my friends are in the same situation as me - they have siblings, children, or nephews/nieces - so I can't find anybody to do a reciprocal POA with.
My closest/most trusted friend lives in the USA. The person who might have been my second choice has some mental health issues, and I don't feel it would be right or fair to ask her.
I've got lots of less-close friends. mostly the same age as me. Before I approach any of them, I want to get a feel for how much of a burden it is when an attorney has to deal with somebody's finances. Can any of you advise - especially if you've done it for somebody who isn't a family member or a very close friend?
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  • elsien
    elsien Posts: 32,226
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    The other option is to have a solicitor to do it.
    How complex it is really depends on the circumstances, whether you’ve got loads of investments that need looking after, whether at some point a property might need to be sold to pay for care, home fees, for example.
    It could be a big ask for someone unpaid who is not that close to you. 
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • Robin9
    Robin9 Posts: 11,953
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    A first step would be to bring all the info together -  the bank statements, insurances, investments. mortgage/rent , will, pensions -  get a little metal filing cabinet.
    Never pay on an estimated bill
  • user1977
    user1977 Posts: 13,253
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    edited 1 January at 7:37PM
    Appoint a solicitor (or other professional) to do it - yes, that means there'd be fees if it was brought into use, but it's still more flexible than not having a POA (which would also involve fees anyway). If you find an alternative attorney later you can always change it.
  • MikeJXE
    MikeJXE Posts: 3,013
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    Have you even got anyone to leave it to ?

    If not why not to a charity 
  • Gavin83
    Gavin83 Posts: 8,722
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    As someone who is currently managing the finances for a close relative in a care home I can confirm it’s a lot of work and stress. It’s definitely improved but at one point it was almost a full time job in itself. I wouldn’t do it for someone I wasn’t very close to.

    As well as some of the current suggestions it’s also possible to get the council to do it. They have a department that’ll run the affairs for someone who has no other suitable candidates. I expect there’s some requirements for this and there will be a charge but it’s worth asking about.
  • bobster2
    bobster2 Posts: 435
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    MikeJXE said:
    Have you even got anyone to leave it to ?

    If not why not to a charity 

    OP is asking about who can take on POA role when she's alive.
  • elsien
    elsien Posts: 32,226
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    edited 1 January at 11:09PM
    Gavin83 said:
    As someone who is currently managing the finances for a close relative in a care home I can confirm it’s a lot of work and stress. It’s definitely improved but at one point it was almost a full time job in itself. I wouldn’t do it for someone I wasn’t very close to.

    As well as some of the current suggestions it’s also possible to get the council to do it. They have a department that’ll run the affairs for someone who has no other suitable candidates. I expect there’s some requirements for this and there will be a charge but it’s worth asking about.
    I don’t think that’s necessarily the case. 

    Certainly going on the local authority that I work with, if someone wants to set up an LPA, they need to choose their own solicitor to do that. The local authority would not get involved at all.

    The local authority is only involved in finances for deputyship once someone has already lost capacity, and where they already involved because the person has care and support needs. They do not carry out that role themselves; they would instead refer to a paid independent money management service who would then involve one of the OPG accredited solicitors for deputyships. 
     Much easier for the OP to choose their own solicitor while they are able,
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • Marcon
    Marcon Posts: 9,888
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    I'm 60, single, with no siblings and no children. I keep putting off setting up a finance POA because it's difficult to decide who I might want to grant it to - it seems like a big thing to ask of somebody! None of my friends are in the same situation as me - they have siblings, children, or nephews/nieces - so I can't find anybody to do a reciprocal POA with.
    My closest/most trusted friend lives in the USA. The person who might have been my second choice has some mental health issues, and I don't feel it would be right or fair to ask her.
    I've got lots of less-close friends. mostly the same age as me. Before I approach any of them, I want to get a feel for how much of a burden it is when an attorney has to deal with somebody's finances. Can any of you advise - especially if you've done it for somebody who isn't a family member or a very close friend?
    There isn't a simple answer to that. Much depends on what has to be done and how well organised you are in terms of your own finances/planning - and whether you want the finance POA to be brought into play while you are still compos mentis.

    A good solicitor is likely to be the best bet in your situation. There are many splendid lay people doing a good and honest job as attorneys, but the role is often not well understood, and when things go wrong, that's when the trouble really starts - and costs start to rack up.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Savvy_Sue
    Savvy_Sue Posts: 45,797
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    To complicate matters further, appointing just one attorney of roughly the same age as you are is a bit risky, so if you don't want to ask 2 (to act jointly and severally) then professional is the way to go. 
    Signature removed for peace of mind
  • poppystar
    poppystar Posts: 1,249
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    I’m in a very similar situation. It would be great to hear from anyone who has actually used a solicitor as POA. How many people have actually gone down this route and also how easy is it to find solicitors who provide the service? I’ve asked around but drawn a blank on finding anyone with experience of having a professional attorney or being one. 


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