Quizzes & Puzzles24 mins ago
Power of Attorney
My husbands father has terminal cancer and has made him POA and sole beneficiary of all possessions. We have received a letter that it should be granted in 2 weeks. What will happen once its granted? It has all been done via a solicitor and although his dad is in a hospice he is still fully compus mentus. He has quite a lot of money in various bank accounts and ISA's.
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You will be able to pay all his bills for him, it will give you access to his accounts, but must be used strictly in accordance with the guidance from the court of protection. You will not be able to use the health POA if he is still able to make his own decisions. It will not make your husband beneficiary for all his possessions only a Will can do that. The POA becomes invalid the moment he dies.
thanks, sorry getting confused here, it is in the will that my husband is sole beneficiary. he will make an appointment with the solicitor one the POA comes through but we were just wondering how we go about paying his bills etc from his bank account, does my hubby draw it out as and if so how does he go about it, its very confusing and at the moment we are using our money to pay any bills that are coming in. we have heard that the solicitor draws all the money from the various accounts and holds it until my father in law passes away then we heard the solicitor draws it all and then makes a final cheque for the total amoount to my husband???
is the solicitor the executor of the will?
It would be helpful for your thinking and for questions, to divide the POA off from being a will beneficiary as they are two separate non linked things.
When you get the POA it needs to be taken to the bank and they will make arrangements for your husband to access your FiL's account. ISA's come to an end when the holder dies, the accounts are closed and the funds released to the estate.
It would be helpful for your thinking and for questions, to divide the POA off from being a will beneficiary as they are two separate non linked things.
When you get the POA it needs to be taken to the bank and they will make arrangements for your husband to access your FiL's account. ISA's come to an end when the holder dies, the accounts are closed and the funds released to the estate.
You should set up a new account with the bank, not necessarily the same Bank as your father's bank. You will need all the paperwork and identification for both parties - passports will be accepted, but you may also need to produce utility bills to prove the addresses. A cheque book will be issued with both names on it, e.g.
"Frank Smith attorney for Jack Smith" ( or words to that effect). You may use this to pay only what he would have paid himself. This account should receive his pension/s and possibly the earnings from investments.
When the father dies, this account can no longer be used. The bank will close it, and will only release the money when probate has been granted. In some cases, a bank may honour cheques from the Attorney account for funeral expenses. Check this with the bank concerned, as not all will do so.
Do keep checking with the website of the Office of the Public Guardian.
"Frank Smith attorney for Jack Smith" ( or words to that effect). You may use this to pay only what he would have paid himself. This account should receive his pension/s and possibly the earnings from investments.
When the father dies, this account can no longer be used. The bank will close it, and will only release the money when probate has been granted. In some cases, a bank may honour cheques from the Attorney account for funeral expenses. Check this with the bank concerned, as not all will do so.
Do keep checking with the website of the Office of the Public Guardian.
PS - I should have added this - when the patient dies, you must inform the bank immediately and stop writing cheques. Any failure to do this will result in big trouble, so do take care. You will eventually have to show the bank the death certificate, and they will check all dates of all transactions.
received a letter from ther solicitors today (tried to ring him but not in) the letter says he has now received the certified lasting power of attorney and will now be stored with my father in laws will. The next sentence states 'I write to advise you as you are noted as being the Attorney within the document and therefore should they become unable to manage their own affairs, I will require a copy of a letter from their GP to confirm that they are incapable of managing their own affairs. Thereafter, I will forward the Power of Attorney document to you.'
im not sure what that now means, is it meaning if my dad in law is still capable of handling his own affairs the PO does not kick in until he is unable??
im not sure what that now means, is it meaning if my dad in law is still capable of handling his own affairs the PO does not kick in until he is unable??
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