Lasting Power Of Attorney

[poppyjr]

Can anyone please advise me as to whether my husband and I need a LPA if we have everything in joint names. Surely if anything happened to one of us the other would be able to take control.

[Tilly2]

If everything is in joint names you should be ok but if you have things like premium bonds, Isas, stocks and shares etc. then POA is a good idea.

[emeritus]

You would but it would have to be given by Court Order which I understand is expensive. Alternatively you can put one in place now via a solicitor for a much reduced cost rather than waiting until you need one. Thats my understanding ?

[emeritus]

Some info here

http://www.metcalfes.co.uk/lpa_faqs.html

[Flonska]

My understanding is that there are two types of LPA, one covering health and welfare and the other covering property and financial affairs. Whilst joint financial holdings (provided for example that savings are held in either signature to operate - ESTO) may be taken care of, you may need to consider what happens when a clinical/medical decision is required. I suggest you talk to your solicitor about this.

[Sycamore3House]

https://www.gov.uk/power-of-attorney

There are two types of POA, Health & Welfare & Property & Financial as Flonska states. POA’s kick in when someone is no longer capable of dealing with their affairs and cease when the person dies.

So if you are husband and wife for example it would be a good idea to implement as you never know what is going to happen in the future especially if you own property together. Or if you have children make your children POA and then both of you are covered should it be needed.

My brother & I obtained POA for our mother for both health & finances using the government website. Very straightforward no solicitor involved just the fees that need to be paid.