| Power of Attorney 15:42 - Mar 4 with 1708 views | onehunglow |
Essential if you are living
Will if dead
Anyone here done LPS themselves
Our wills sorted but Martin Lewis last night made us think about Lasting Powers of Attorney mainly because it’s not certain a spouse can access the estate of his/ her partner
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| Power of Attorney on 15:52 - Mar 4 with 1692 views | Whiterockin |
Did ours a couple of years ago with the wills by a legal firm. The main aim was to enable a smooth transfer of assets and minimise [some won't like it] any tax liability including inheritance tax. |  | | |
| Power of Attorney on 16:00 - Mar 4 with 1667 views | onehunglow |
| Power of Attorney on 15:52 - Mar 4 by Whiterockin |
Did ours a couple of years ago with the wills by a legal firm. The main aim was to enable a smooth transfer of assets and minimise [some won't like it] any tax liability including inheritance tax. |
Wise
We’ve changed executors of our wills but omitted LPS
Has to be rectified | |
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| Power of Attorney on 16:13 - Mar 4 with 1649 views | Whiterockin |
| Power of Attorney on 16:00 - Mar 4 by onehunglow |
Wise
We’ve changed executors of our wills but omitted LPS
Has to be rectified |
I may be preaching to the converted here, but everyone's circumstances are different so advice for one is not necessarily the best advice for another. Many legal firms allow you a 30 minute consultation for free and advise you what is best for yourselves and the cost to implement it. Always do it now, next year could be to late whatever your age. | | | |
| Power of Attorney on 16:39 - Mar 4 with 1601 views | majorraglan |
LPA expires with a death, so accessing some aspects of the estate can be tricky following a death. If your bank accounts are in just 1 name, consider changing them to joint names as this will overcome potential access issues and allow the surviving partner to withdraw money from the account, however that won’t apply for ISA’s as they can only be in 1 name.
Estates can be problematic, so it’s worth getting legal advice if it’s of a large estate because there could be tax implications.
In terms of the LPA’s, I did them for my parents a few years ago, it was relatively straight forward and took about 3 to 4 months to complete the entire process. My father was subsequently diagnosed with cancer a couple of months later ( we had no inkling he was unwell when we did the LPA) and he died within two months of his diagnosis. Having the LPA made it easier to deal with the doctors etc during his illness, but in terms of finance and estate etc the LPA didn’t make a great deal of difference as my father was able to do what he needed to do before he passed.
Doing the LPA yourself will save a lot of cash, probably over a grand - knowing how much you dislike lawyers that’s the way to go.😂 [Post edited 4 Mar 16:45]
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| Power of Attorney on 16:51 - Mar 4 with 1553 views | onehunglow |
| Power of Attorney on 16:39 - Mar 4 by majorraglan |
LPA expires with a death, so accessing some aspects of the estate can be tricky following a death. If your bank accounts are in just 1 name, consider changing them to joint names as this will overcome potential access issues and allow the surviving partner to withdraw money from the account, however that won’t apply for ISA’s as they can only be in 1 name.
Estates can be problematic, so it’s worth getting legal advice if it’s of a large estate because there could be tax implications.
In terms of the LPA’s, I did them for my parents a few years ago, it was relatively straight forward and took about 3 to 4 months to complete the entire process. My father was subsequently diagnosed with cancer a couple of months later ( we had no inkling he was unwell when we did the LPA) and he died within two months of his diagnosis. Having the LPA made it easier to deal with the doctors etc during his illness, but in terms of finance and estate etc the LPA didn’t make a great deal of difference as my father was able to do what he needed to do before he passed.
Doing the LPA yourself will save a lot of cash, probably over a grand - knowing how much you dislike lawyers that’s the way to go.😂 [Post edited 4 Mar 16:45]
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Thanks
You’re dead right about how I about lawyers | |
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| Power of Attorney on 16:57 - Mar 4 with 1549 views | sP7qupUf |
I have done mine myself. You can do it online.
Life is unpredictable and things happen without warning and unexpectedly, for example, accidents out of the blue. A mate's mum had dementia and he left sorting out LPA until it was too late and even though he was the only child it was a nightmare to get anything done for her. The will was clear and once she passed things were smooth, but he had a tough year leading up to her passing trying to use her money to improve the quality of her life!!
Will sorted long ago and lots in trust for the kids. | | | |
| Power of Attorney on 17:22 - Mar 4 with 1514 views | onehunglow |
| Power of Attorney on 16:57 - Mar 4 by sP7qupUf |
I have done mine myself. You can do it online.
Life is unpredictable and things happen without warning and unexpectedly, for example, accidents out of the blue. A mate's mum had dementia and he left sorting out LPA until it was too late and even though he was the only child it was a nightmare to get anything done for her. The will was clear and once she passed things were smooth, but he had a tough year leading up to her passing trying to use her money to improve the quality of her life!!
Will sorted long ago and lots in trust for the kids. |
Glad we’ve raised this very important issue
Great stuff folks | |
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| Power of Attorney on 17:28 - Mar 4 with 1512 views | Wingstandwood |
Seen it in action myself, and providing is ends up in the hands of trustworthy, loving and moral family members it is great and extremely convenient!
Some individuals, will for example be given (if asked for) a debit card and cheque book linked directly to the persons bank account i.e. the one whom requires P.O.A care/oversight.
Lloyds Bank issues both a debit card and a cheque book.
The debit card does not have P.O.A written on it, the carers name (and carers name only) will be on it however.
Each cheque will have (for example) 'Mrs S Jones P.O.A for Mr S jones' written on them. |  |
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| Power of Attorney on 18:05 - Mar 4 with 1476 views | onehunglow |
Essential reading Wingy
Many of those scenarios I’ve seen within our greater family unit
This is a significant thread
I should have put it in capital letters
Thanks again | |
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| Power of Attorney on 01:32 - Mar 5 with 1389 views | Robbie |
As me sitting in Gods waiting room ready to be refused entry through the Pearly Gates .
Your barred go to Hades over there , the Devil awaits you .
Power of Attoney and relevant Estate ownership when I pass on must be directed to a trusted family member , or friend if you want to take that chance .
Putting my name and Estate into a cast iron reading with some clauses over past issues was a bit of a minefield though .
Total package costs I paid was £1600 via a reputable and established Swansea firm .
They have hard copies on file of my Estate , Financial situation and advice a follow up every 18 months .
Sometimes got to pay to get the best , and I have been bitten big time on Pension plans and sign here please agents . | | | |
| Power of Attorney on 18:45 - Mar 5 with 1264 views | ReslovenSwan1 |
The agreement to hand over responsibilities of cash and property are agreed in advance and NOTARIZED in Birmingham. This is important is someone HG as a strike or suffering for Alzheimer's for example. Also some widows have little financial judgement and susceptible to fraudsters in some cases
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