Quizzes & Puzzles1 min ago
Lasting Power Of Attorney
My husband and | have joint bank accounts (plus some savings, i.e ISAS in individual names), the house is in our joint names. If either of us became incapacitated (i.e. from illness or mental problems) we would trust the other one to deal with any problems and we would not anticipate our children raising any objections. Is there a need for an LPA??
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Yes, you would not be able to act on heach others behalf for the Isas or any bills in the others name, or sell the house, if the need ever arose. Just as important is the Health POA, should either of you need to make decisions on each others behalf. You would also need to do them before either of you lost mental capacity, also appoint a replacement POA(s) they would then act after the death of one partner for the or if you both lost mental capacity. They are easy to do on line on the Govt website.
I agree absolutely with ubasses, especially about the replacement POAs. You only have to be involved in an accident whilst you are together, which temporarily disables you both, for it to be necessary for someone else to manage your finances for you. You can arrange it so that you have POA for each other and for your children to have to agree between them how to deal with things ie, you don't have to give any one child preference over any others.
You can't make any kind of joint POA but what you can do is make one each, naming each other as the holder and then nominate a child or children to replace you if its ever needed. The .gov website is very clear and you can do the form step by step. IMO its worth talking to your children about this. There are practiclities as well as the emotional side to consider.