Power of Attorney ?

williamalex1

williamalex1

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Do I/ we as elderly homeowners really need to appoint someone as our POA?.
We already have wills made, initially leaving everything to each other, then there are two named beneficiaries. [ daughter & niece }.
My wife is a sprightly 73 & I'm a not so sprightly 75.5.
With no history of dementia or mental illness in either of our families, NO SMART REMARKS, please :ROFLMAO:.
I'm a bit wary of POA as sadly an elderly friend had a bad experience with a POA stealing.
Your thoughts, please.
 
Just because you set one up, it doesn't mean it's immediately active. You wouldn't give anyone POA who you didn't trust completely.
You can give POA without handing over control of your finances.
If you do start to show signs of dementia, you've left it too late and those who care about you will have to go to court to be able to help you.

Definitely worth looking into. Websites of the Office of the Public Guardian and Age UK might put your mind at rest on the subject better than anyone on here.
 
williamalex1 said:
Do I/ we as elderly homeowners really need to appoint someone as our POA?.
We already have wills made, initially leaving everything to each other, then there are two named beneficiaries. [ daughter & niece }.
My wife is a sprightly 73 & I'm a not so sprightly 75.5.
With no history of dementia or mental illness in either of our families, NO SMART REMARKS, please :ROFLMAO:.
I'm a bit wary of POA as sadly an elderly friend had a bad experience with a POA stealing.
Your thoughts, please.
Click to expand...

Surely the obvious choice is your daughter
 
Having worked in pension payments for 10 years and the issues surrounding money/payments/families of pensioners without POA I'd definitely look into getting one. I think if anything it just gives piece of mind should anything happen. As already said it doesn't need to be used but is there as a safety blanket.
 
I'd highly recommend getting one. As @RichA states by the time you may be showing signs of dementia, I truly hope you never do, it will be too late. We have one for my mum, my MiL and FiL. The only one used is for my MiL who has advanced dementia. We made the mistake of not having the medical POA and that made things far more difficult. Don't make that same mistake.

Only you can make the judgement in terms of who to trust. If in doubt then don't make the decision but bear in mind you could be in limbo in terms of decision making should the worst happen.
 
williamalex1 said:
You would think so BUT she's my daughter from a previous marriage, my present wife only has a niece.
Click to expand...

What about joint POA? Myself, my brother and my stepmum have been granted POA for my dad. You can choose whether those you appoint can act on their own or if they both/all have to agree. I believe the term is "jointly or severally".
 
My brother and I had PoA for my Mum, and my partner had it for her Dad. It basically allows someone to make decisions on your behalf if and when you become mentally unable to do so for yourself. The PoA ended when our parents died. Don't confuse executors and beneficiaries with PoA.
It is far better to do it now whilst you are still mentally capable, as it's much more difficult to do if you are not.
But don't worry. People can't just come along and say "You're gaga, I'm having your money". You have to be assessed for mental capability. Speak to a solicitor, and they can draft it for you to protect yourself.
I definitely found it beneficial when dealing with Social Services for my Mum for example.
 
ger147 said:
If you're stuck just pop your bank card thru my door the next time you're passing, I'll look after you ??
Click to expand...
Cheers Gerry, just send me your bank details and security code and I'll do a transfer :ROFLMAO::ROFLMAO:but remember you still owe us a freebie at Dullatur :ROFLMAO:. Hope to catch up when my back and my bank account are up to it:p:ROFLMAO:
 
The one thing we found about PoA was that it would be far easier for all concerned if you make one now whilst you are compus mentus and it's not needed than when it is needed but you no longer have sufficient faculty to make it & your relatives have to try & get t.
 
williamalex1 said:
Cheers Gerry, just send me your bank details and security code and I'll do a transfer :ROFLMAO::ROFLMAO:but remember you still owe us a freebie at Dullatur :ROFLMAO:. Hope to catch up when my back and my bank account are up to it:p:ROFLMAO:
Click to expand...

I'm haunting the fairways, semi rough and bunkers of Glenbervie this season, and not sure about owing you a freebie. Pretty sure the last time I saw you was a freebie at mines ??
 
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