New power of attorney guide
Comments
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The most important thing about an attorney dealing with a donor's finances are that they should deal with them in the donor's best interests. That cannot be misunderstood or misinterpreted. It is extremely simple "in the donor's best interest's".
That is not to secure the attorney's inheritance, not to be used to finance the attorney's life in general, but simply to deal with it in the donor's BEST interest's, to supply whatever comfort they need, whether it is the care home that is chosen, the glasses or hearing aids that are bought for them, or the clothes that are purchased for them, the treats that they would normally have bought for themselves if they were able.
As I said nothing to misunderstand or misinterpret.0 -
This shows why it is vitally important, when picking your attorneys, to have those who are capable of managing their own finances competently. It's providing too much temptation to let somebody who can't manage their own finances well to ask them to take charge of somebody else's. If they find themselves in financial difficulty they may not be able to resist the urge to tell themselves it's OK to "temporarily borrow" money from the donor, or skimp on spending on the donor's welfare (i.e. choosy a cheaper care home provision) in the hope that this will leave a bigger legacy for themselves if they know they're a beneficiary in their Will.0
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Have a read of
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/497253/Mental-capacity-act-code-of-practice.pdf
That is the framework for all that deal with adults that lack capacity including those that hold EPA/LPA.0 -
My parents used a solicitor back in 2003 to draw up Enduring Power of Attorney for both of them. We have recently found out that the solicitors no longer exist & as my parents were never provided with copies of the signed documents cannot trace them to be able to use them when the time comes. Can anyone come up with any suggestions as to how we might be able to locate where the copies the solicitor had might have gone? Thanks0
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If your parent still have the mental capacity, I would start again with new lasting powers of attorney. If you are looking to register those EPAs because they have lost capacity then it is possible that the SRA can tell you what happened to that firms documents, but if they are lost then the only alternative is to apply for duputyship through the courts.
https://www.sra.org.uk/faqs/contact-centre/public/06-interventions/closed-files.page0 -
I am filling in online Power of Attorney forms for Health & Welfare and Property & Finance. I want to give my attorneys, who are family members not professionals, discretion to pay themselves compensation for their time and effort (in addition to expenses). What words should I use in my forms?0
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I think you have to be careful about this because whatever you want for your attorneys in terms of compensating them, their prime objective has to be to look after your finances and manage them to YOUR best advantage, not theirs, and by the time these may need to come into effect many years down the line, your financial circumstances may have deteriorated.
Yiu could consider something along the following lines but this does not represent legal advice:
My attorneys may reclaim all expenses connected with their duties as my attorney and may, in agreement with each other, claim compensation for the time spent on managing my affairs which is commensurate with the state and health of my finances to fund those expenses. .......(or words to that effect.)
If your attorneys are acting jointly and severally , there is always the chance that those instructions may be struck out as there would be no legal requirement for attorneys to agree on how this clause was implemented.0 -
I would not do this, it may be many years before your LPA is used if ever and your financial situation may be very different to it is now. I would also be concerned that this could cause trouble between your attorneys.
Keep it simple if you want to make gifts to your family members do it while you have the capacity to enjoy seeing your gifts put to good use.0 -
Thank you for your helpful replies. I agree very much the need to be careful and to keep it simple, and I note that I can also document wishes in detail in a separate document. Taking other points in turn:... their prime objective has to be to look after your finances and manage them to YOUR best advantage, not theirs ...... many years down the line, your financial circumstances may have deteriorated.My attorneys may reclaim all expenses connected with their duties ...Keep_pedalling wrote: »I would also be concerned that this could cause trouble between your attorneys.Keep_pedalling wrote: »... if you want to make gifts to your family members do it while you have the capacity to enjoy seeing your gifts put to good use.
An earlier poster mentioned contacting the OPG direct for advice, and I will try this too. I wonder if "I would like my attorneys to use their discretion to take payments from my assets to compensate themselves for their time and effort" would be sufficient?0 -
My father in law has lost his speech and can't write and his communication is limited to body language, yes and no. Social services have involved a guardian services company to deal with his finances as he wants to come back to his home but the house needs a lot of work and money spent on it before it is habitable. Guardian services company have set up general power of attorney. His son was against it but unfortunately he is not able to deal with his dad's finances etc...
Before this general power of attorney was signed, we had a meeting and social services together with this company were reassuring that everything what they do is transparent, above board and will be looking at the whole family etc... We live in part of the FIL's house.
Now, since, the document has been signed, they are not communicating at all. I asked to be informed and they said that my FIL needs to say he wants us to be informed. (I explained, he can't speak). He told me that they are not communicating with him either. They have sorted out new pin to his card, so that he can take cash out. They are supposed to sort out benefits for him, debts etc, which they are hopefully doing.
They had builders in to see what jobs need doing. What worries me, is that they have same builders that they deal with all he time. They don't get a few quotes to compare, it's just same people. I also found, that director of the guardian services company is also a Director in other company which is property services. (don't know if this is the actual company that do the works, as they don't give out info, first they said that they work for them, and then they said they are contractors).
How do I know if guardian services company are acting in the best interest of my father in law? How do I know that they are getting the best possible service but not just spending loads of money. How do I know that there isn't some arrangement between these two companies,where they charge premium for works and share the profits somehow? Do you guys know how they are regulated? Would it be possible for them to have some strange arrangement and rip vulnerable people off? They will have to arrange some equity release scheme and it is all quite worrying, if they are not even communicating. Are they supposed to show the work estimate to my FIL and ask for his approval before they release equity from his property?
Have you got any experience with this? Thank you0
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