Lasting Power Of Attorney

Medical and Healthcare
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jaffab
Posts: 164
Joined: Tue Jan 24, 2017 3:08 pm

Lasting Power Of Attorney

Post by jaffab »

All,

In case your not aware, its worth setting up a Lasting Power Of Attorney. Just got ours back from the Office of the Public Guardian today - all registered and ready to go.

If you are not aware, they are effectively 'living wills' - what happens to your stuff and body if you can no longer make decisions.

There are two types - "Property and Finance" (allowing your other half or nominated person) to take control of your financial affairs (pay bills, control money, etc) and "Health and Welfare" (allows for your other half to decide on your treatment).

Really easy to set up - Gov.uk web site - you give your details, the details of the person who can 'take control' and it gets registered. Should anything happens, as soon as a PTB (Snr Doctor or Judge) agrees you cannot make a decision for any reason (kidnap, mental breakdown, coma, etc) they issue a certificate and the LPOA kicks in.

There is a charge, so if you do mirror ones (I control wifes affrairs, she controls mine) thats 4 documents set up. Takes about 5 minutes per document, and cost us about £200 all in.

More details and links are here... (via Money Saving Expert, who goes into why its important, how to do it, and provides direct links)

http://www.moneysavingexpert.com/family ... f-attorney
You live in a time of decay, when the worth of a man is how much he can pay (Flamboyant, Pet Shop Boys, 2006)
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mightymayesy
Posts: 79
Joined: Sun Oct 09, 2016 10:52 pm
Location: West Midlands

Re: Lasting Power Of Attorney

Post by mightymayesy »

Great post and good advice in my opinion.

Personally, being 33 - and taking a chance on my physical and mental well-being - the priority before an Lasting Power of Attorney should be a Will. Especially as a Lasting Power of Attorney cannot ordinarily be used to mitigate Inheritance Tax at a time when you are not able to plan unless you have a Will and / or Trusts in place.

The good news is that the laws of intestacy (dying without a Will) are pretty good for average folks and modest estates.

However, such people should be sure not to overlook Executors, Guardians and other fringe benefits such as Secret and Half Secret Trusts within your Will.

On the topic of Trusts, ensure - where appropriate - Life Insurance policies are written in (Absolute / Discretionary) Trusts (and maybe split Trusts where you have dual Life & Critical Illness Benefits).

Spoiler Alert: Death In Service life insurance policies via employers are normally held within Trusts that are discretionary - this means the Trustees are under no legal obligation to pay out to your surviving spouses / children / whatever. To counter this, private independent insurance - separate to employee benefits - can offer better peace of mind here. Although less tax advantageous / P11D benefits.

And finally, not to be confused with a Lasting Power of Attorney / Enduring Power of Attorneys are Power of Attorney's which can transfer administrative functions (paying bills on your behalf whilst you are not able to do so - e.g prolonged holiday outside the UK) can be very useful.

This is meant as generic information and not catering to your specific circumstances. Yes, you and your specific circumstances!

MM
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