TRACEP Posted August 12, 2013 Author Share Posted August 12, 2013 While you are about updating your Will and changing executors, you might want to consider Power of Attorney. This is mainly thought of for older people but it is one of those things that is easily overlooked and might be very useful in the future. Thanks, could you explain what a Power of Attorney does please? Link to comment Share on other sites More sharing options...
medusa Posted August 12, 2013 Share Posted August 12, 2013 Thanks, could you explain what a Power of Attorney does please? A power of attorney is someone appointed by you when you are in good health and of sound mind so that in the event that you are ever NOT in good health and of sound mind that person will be able to take all sorts of decisions affecting your health options, your finances, tax, benefits and your future. If you appoint them while you are of sound mind then the whole process is a lot simpler than if you get dementia and then a court process has to happen to declare you incapable to take such decisions yourself and to appoint a family member to take them for you. When my grandmother was diagnosed with dementia our family had to go down the court route and my other grandparents saw how long and drawn out the process was and decided to set up powers of attorney themselves while they were still considered legally able to do so. That meant that my dad could start the process of doing their tax returns for them, looking after their bank accounts when they wanted to not bother with it and the like. Link to comment Share on other sites More sharing options...
TRACEP Posted August 12, 2013 Author Share Posted August 12, 2013 Thank you, I hadn't thought about those circumstances, I can see now why it is important. Link to comment Share on other sites More sharing options...
mrs grissom Posted August 12, 2013 Share Posted August 12, 2013 A power of attorney is someone appointed by you when you are in good health and of sound mind so that in the event that you are ever NOT in good health and of sound mind that person will be able to take all sorts of decisions affecting your health options, your finances, tax, benefits and your future. If you appoint them while you are of sound mind then the whole process is a lot simpler than if you get dementia and then a court process has to happen to declare you incapable to take such decisions yourself and to appoint a family member to take them for you. When my grandmother was diagnosed with dementia our family had to go down the court route and my other grandparents saw how long and drawn out the process was and decided to set up powers of attorney themselves while they were still considered legally able to do so. That meant that my dad could start the process of doing their tax returns for them, looking after their bank accounts when they wanted to not bother with it and the like. I'd urge everyone to make sure they have a lasting power of attorney set up . We did it when we made our wills and did advance notice of wishes too . It felt a bit macabre writing down what we did and didn't want to happen should an accident or illness befall us and we were not able to communicate . Trust me , we now feel its one of the best things we've ever done . My husbands family is now going through a tremendously stressful time following his Mum having a devastating stroke leaving her unable to communicate or even move very much .shes been in hospital for over two months now and they are spending every visiting time with her , hoping for a glimmer of improvement and hope . The very last thing they want to be doing is ploughing through mountains of paperwork , red tape and expense but it still has to be done . Think about a lasting power of attorney when you make your will . Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted August 12, 2013 Share Posted August 12, 2013 A power of attorney is someone appointed by you when you are in good health and of sound mind so that in the event that you are ever NOT in good health and of sound mind that person will be able to take all sorts of decisions affecting your health options, your finances, tax, benefits and your future. No- what you describe is a Lasting Power of Attorney. A Power of Attorney itself is a Deed whereby person1 authorises person2 to sign documents or transact business- either generally or as limited by the Deed. It stops working if person1: a. revokes it; b. dies; or c. loses mental capacity- and it's this third problem which a Lasting Power of Attorney overcomes. See? Link to comment Share on other sites More sharing options...
Ghozer Posted August 12, 2013 Share Posted August 12, 2013 Why do people pay to do their will? Write it all down, date it, print it off, sign it, stick it in an envelope, post it to yourself so it has a date stamp on it... keep it sealed, and in a safe place! Much cheaper... Link to comment Share on other sites More sharing options...
Janus Posted August 12, 2013 Share Posted August 12, 2013 Why do people pay to do their will? Write it all down, date it, print it off, sign it, stick it in an envelope, post it to yourself so it has a date stamp on it... keep it sealed, and in a safe place! Much cheaper... Ghozer, There also has to be 2 witnesses to your signature who are not beneficiaries , (and a named executer) who can be a beneficiary if you so choose. Link to comment Share on other sites More sharing options...
iansheff Posted August 13, 2013 Share Posted August 13, 2013 http://www.willaid.org.uk/ Link to comment Share on other sites More sharing options...
Tommo68 Posted August 13, 2013 Share Posted August 13, 2013 Don't forget many banks and unions offer free will writing to clients/members. If your will is very simple Will writing forms are available free Making a Will: Free or cheap will writing - Money Saving Expert How to Write Your Own Last Will and Testament (with Sample Wills) http://www.wikihow.com . Link to comment Share on other sites More sharing options...
kingfisher Posted August 13, 2013 Share Posted August 13, 2013 My wife and self made a will in 1993 and recently decided to make a new will as things have changed since making the last one. We paid £168 for the two wills which I thought was quite reasonable considering the solicitor visited my home as my wife is housebound The solicitor told me we should consider taking a power of attourney as well and quoted us £2,400 which I considered pricey. I have since made enquiries and found I can make one myself that will cost £130,do I have to take the powers of attourney with the solicitor Link to comment Share on other sites More sharing options...
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