Compensating attorneys (as in power of attorney)
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You are wise to be sorting out LPAs in advance of necessity - it saves so much worry and stress.
Having several attorneys shouldn't be a problem if they get on well with each other, and there is a clear understanding of how you would like them to manage your affairs - a clear directive about any end-of-life decisions would be a good move too.
Joint accounts will not suffice should a property need to be sold. An LPA is vital if you have lost capacity.
Whilst an overseas attorney might sound a little complicated, who knows where anyone might be living once the need for attorneyship arises? Or other events in the named attorneys' lives that changes who is available?
As to how you might compensate an attorney, I'm not sure, as any actions they take using your assets has to be in your interests only, not theirs! An amount gifted in advance of any possible decline, or a bequest in your Will?
My sister and I acted as joint attorneys for our mother with no problems with banks, utilities, HMRC, DWP, doctors, the hospital or ultimately a care home. Without the LPA we couldn't have legally touched her bank accounts, liaised with the utilities, sold a house, nor made payments for her care home fees, without applying for Deputyship, with all the headaches that involves.
It wasn't that we wouldn't have done it without being made Attorneys - we couldn't have done it and would have been acting illegally!0 -
I hope my children will do this without the need for a POA, would yours not do the same thing ? Before my late mother in law became ill, we opened a joint account for specifically this reason. When the time came for her to go into a care home, i simply dealt with all the financial stuff from the joint account myself.
And how would your children handle that if you suddenly become incapacitated though an accident or sudden illness? Setting up joint account maybe just about OK for someone with just some cash savings but is useless where assets like property or shares are concerned.
Setting up an LPA is not only for your benefit it is make life simpler for your nearest and dearest in a time of great difficulty. The last thing you want them to be doing is going through the courts to get appointed as a deputy.
The vast majority of adults should have both wills and LPAs in place, but unfortunately huge numbers of people don't.0 -
Paying you attorneys fees is fine, but there should be a limit on it if those fees are going to eat up your assets to rapidly, and could even be considered as deprivation of assets if it left you unable to fund care costs.0
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Your attorneys are entitled to be paid reasonable expenses incurred whilst carry out their duties as an attorney. If you want to go above this you must be specific as otherwise your attorneys cant claim any extra. For example you could say "My attorneys must each be paid an annual fee of £.... for their services carried out under this lasting power of attorney, until my estate drops below £...."0
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troubleinparadise wrote: »You are wise to be sorting out LPAs in advance of necessity - it saves so much worry and stress.
Having several attorneys shouldn't be a problem if they get on well with each other, and there is a clear understanding of how you would like them to manage your affairs - a clear directive about any end-of-life decisions would be a good move too.
Joint accounts will not suffice should a property need to be sold. An LPA is vital if you have lost capacity.
Whilst an overseas attorney might sound a little complicated, who knows where anyone might be living once the need for attorneyship arises? Or other events in the named attorneys' lives that changes who is available?
As to how you might compensate an attorney, I'm not sure, as any actions they take using your assets has to be in your interests only, not theirs! An amount gifted in advance of any possible decline, or a bequest in your Will?
My sister and I acted as joint attorneys for our mother with no problems with banks, utilities, HMRC, DWP, doctors, the hospital or ultimately a care home. Without the LPA we couldn't have legally touched her bank accounts, liaised with the utilities, sold a house, nor made payments for her care home fees, without applying for Deputyship, with all the headaches that involves.
It wasn't that we wouldn't have done it without being made Attorneys - we couldn't have done it and would have been acting illegally!
Thank you for your reply.....Illegitimi non carborundum
...don't let the illegitimate ones grind you down....0 -
Keep_pedalling wrote: »Paying you attorneys fees is fine, but there should be a limit on it if those fees are going to eat up your assets to rapidly, and could even be considered as deprivation of assets if it left you unable to fund care costs.
Thank you for your reply.....Illegitimi non carborundum
...don't let the illegitimate ones grind you down....0 -
Your attorneys are entitled to be paid reasonable expenses incurred whilst carry out their duties as an attorney. If you want to go above this you must be specific as otherwise your attorneys cant claim any extra. For example you could say "My attorneys must each be paid an annual fee of £.... for their services carried out under this lasting power of attorney, until my estate drops below £...."
Thank you for your reply.....Illegitimi non carborundum
...don't let the illegitimate ones grind you down....0 -
Based upon all the advice received here, I have decided to make my LPA stating my attorneys must be paid an annual fee ( of no more than £XXX) for duties performed until my estate has at least one years projected care home costs still left. The attorneys must prepare an annual statement of account and furnish a copy to each attorney. It seems the most fair way to go about it. I hope the LPA may never need to be used and hopefully I shall go to sleep one day and not wake up!....Illegitimi non carborundum
...don't let the illegitimate ones grind you down....0 -
Try to make your intentions as clear as possible as uncertain wording can end in confusion and arguments or even in court.0
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Surely paying until there's at least one year's funds left means that the payment can never be made? Do you mean until there's no more than one year's funds left?Unless I say otherwise 'you' means the general you not you specifically.0
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