Power Of Attorney

[HenryFord]

Hi Everyone, I am setting up LPOA for myself (I know I can pay a solicitor, but they can be expensive and you learn very little when asking someone else to do it for you!)....anyway I have a small query.....
....My daughter will be the attorney for both health and finance, but specifically regarding finance, once she has registered the POA with a bank for example, do I lose control of the 'account' that she has registered POA with..., so for example if I have a natwest account, she registers POA with Natwest (maybe because I am ill)...this enables her to 'control' that account.....but can I still also control the Natwest account at the same time as my daughter....so I can still sign cheques etc, even though my daughter has a registered POA with Natwest?

[Buenchico]

As I understand it (see link below), if you want your daughter to be able to manage your affairs while you've still got the mental capacity to do so, an ordinary power of attorney (rather than a 'lasting' one) would be a better route to go down.

An LPA would normally only come into effect when you'd lost the mental capacity to manage your own affairs. If, for example, a fraudster was to call you out of the blue, pressuring you into entering into some sort of investment scam, it would be important that you weren't able to hand over all your savings yourself, with your daughter then being able to prevent that happening.

https://www.gov.uk/government/publications/deputy-and-attorney-guidance-dealing-with-banks/manage-a-bank-account-for-someone-else-web-version

[jourdain2]

I have a POA naming my 2 daughters and sister. It will not come into force unless I am medically certificated as incapable of handling my affairs. I assume it's the same in your case. Once certification has been done, then you cannot have control. Unless of course it is a temporary medical incapacity, in which case the certification would have to be reversed.
Well that's my layman's view. I expect that some experts will be along to explain fully.

[barry1010]

Even with a lasting power of attorney in place you can still operate your account and withdraw money, issue cheques, set up direct debits - everything you do now - as long as you have mental capacity.

"If the donor lacks capacity, they will no longer be able to issue cheques or authorise withdrawals from their account, for example. If they have capacity, but require an attorney to act on their behalf for certain transactions due to physical incapacity, for example, they can continue to make withdrawals and issue cheques independently".

[barry1010]

Jourdain, a financial LPA comes in to effect as soon as it is registered unless it specifies otherwise. The attorney can control your finances even if you have mental capacity but you can also make your own decisions and continue to use your accounts as normal.

I have LPA for my oldster who has full mental capacity.

[jourdain2]

Thanks for the clarification barry. :)

[barry1010]

I have closed this thread because it is attracting spammers.  Please start a new thread if you have more questions about LPA.