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Legal & money

Enduring Power of Attorney

(19 Posts)
Liz46 Thu 04-Aug-22 13:46:39

I made this made years ago and one of my daughters holds it. I was chatting to some friends who have just done the newer Power of Attorney and they said that they have told their bank about it.

I have not told my bank so does anyone know please if I should?

Smileless2012 Thu 04-Aug-22 13:49:52

Well it wouldn't do any harm Liz and they could keep a copy on file so that if and when your D needs to use it, it might be more straightforward.

Madgran77 Thu 04-Aug-22 15:07:04

It's a good idea to give a copy to someone external to your formal arrangements for PoA to ensure quick access in case one gets loss. Inform your PoAs who has a copy. Your bank seems like a good idea. Some ask for a copy to be filed with their medical records at the Dr's too. (Health PoA) This can be done electronically

Jaxjacky Thu 04-Aug-22 15:20:24

My living will is lodged with my GP, hadn’t thought about the PoA. Good point.

Floradora9 Thu 04-Aug-22 21:36:19

Having worked in a bank I doubt they would like to hold onto an actual document . you could tell them and they could not this somewhere online. Things might change or you might never have to use it so unless it is in force I doubt they would be interested.

M0nica Thu 04-Aug-22 21:58:32

Given the way most banks are completely flummoxed when you try and activate a PoA, I would not bother to tell the bank.

However, giving a PoA to one person only is rather offering hostages to fortune. What if, for any reason, your daughter is ill or for any other reason, cannot take control of your affaits when required?

It is usual to give a PoA jointly to two or three people, with the instruction that they can act together or separately. That way, if one is unable to act, then someone else can, and with two people holding it, someone is always likely to be able to act when the need arises and both will have their own copies of the PoA.

My parents included all three children on their PoA and both of our children are included on our PoAs.

Liz46 Thu 04-Aug-22 22:12:29

Yes I agree Monica, I have named both daughters but the one who lives closest to me is actually holding it.

I don't know what I would have done if my mother had not signed one as she got dementia.

Harris27 Thu 04-Aug-22 22:16:28

I’ve got my brothers poa and a copy is with his solicitor who drew it up.

Georgesgran Thu 04-Aug-22 22:51:49

My Financial Advisor says I need to have them in place soon, now that I’m on my own. Both daughters will be named and my Financial Advisor will put a copy in my ‘file’ when done.

Madgran77 Fri 05-Aug-22 04:15:03

Some banks will "hold" a copy for you but if you have a solicitor or financial adviser those seem good options

Sago Fri 05-Aug-22 10:04:00

The bank will ask for a copy if it needs to be activated.

M0nica Fri 05-Aug-22 19:20:31

Every adult should have a PoA in place. It doesn't become more or less important depending on whether you live alone or not, nor is it dependent on age.

Road accidents, heart attacks and strokes can happen at any age and I have twice been responsible for setting up PoAs after people became incapacitated, in one case a couple both became incapacitated. Setting up PoA's for the incapacitated through the Court of Protection and then running them through the Court as well, is a real hassle.

PoAs are essential as are wills. My sister died in her 40s without a will and it made sorting her affairs out so more complicated when we were all grief-stricken.

Liz46 Fri 05-Aug-22 19:55:10

Many years ago my mother and I went to the family solicitor make wills. It was a very old fashioned set up (the solicitor's father had sorted out my father's estate when he died before I was born).

As Mum and I were leaving he said 'fill in one of these each' and gave us two enduring power of attorney forms. I had never heard of them but we did as we were told and thank heaven for that lovely man.

I have since made a new one of course but when I updated my will last year, the new young solicitor was only interested in making money out of us and when I showed him what my enduring power of attorney said, he lost interest in me and concentrated on selling my husband the new ones.

I took it from that that my form was still ok.

M0nica Fri 05-Aug-22 21:47:36

Liz46 Yes it is DH and I both have ones, made 20 years ago in our children's names as attorneys.

Whiff Sat 06-Aug-22 11:38:21

If anyone has Enduring powers of attorney you need to get it changed . As it is now Lasting powers of attorney for both health and financial and has to be registered with a government department.

My brother's father in law had Enduring powers of attorney for his wife who had Alzheimer's. He wanted to sell his house but he couldn't his solicitor hadn't told him it had changed to Lasting powers of attorney and had to be registered. Because of his wife's Alzheimer's she couldn't give permission for the sale. It had to go to court to get it changed so he could sell the house. It took over 3 months before it was dealt with at court. And was quite expensive.

Oopsadaisy1 Sat 06-Aug-22 12:12:31

Is an old power of attorney still valid?
A PoA set up before 1 October 2007 is called an enduring power of attorney (EPA). It's been replaced by the lasting power of attorney (LPA) for health and welfare. You can no longer make an EPA, but if one was made correctly and signed before 1 October 2007 it may still be used.

From Google, might be a good idea to check it though.

Teacheranne Sat 06-Aug-22 13:27:10

The main difference between an EPA and a LPA is that the EPA does not include any involvement or decision making around health and welfare ie medical decisions, choice of care home etc. Whereas the are two different LPAs, one for finances and one for health and welfare.

I needed the LPA for health and welfare in order to refuse unnecessary, invasive medical interventions for my mum when she was dying. I was asked for it when she went to A & E for an X-ray in order to agree on what treatment she would receive.

I think that’s why some people declare the original EPA void and set up two new LPAs

Whiff Sat 06-Aug-22 13:51:26

Oopsadaisy his old solicitor had retired it was a new solicitor told him it had to be changed. If it hadn't he would have to wait until his wife died before he could sell.

He sold his house 2 weeks ago his wife died last weekend.

Always check things with a solicitor makes life easier.

When I altered my will 2 years ago I took out both lasting powers of attorney as it was cheaper to do all the 3 things at once. I am 64 now I don't have to worry about the future.

karmalady Sun 07-Aug-22 17:11:03

I did all three at the same time too, when I realised the potential consequences of just having a downloaded epa. I did it all properly via a solicitor as soon as I had moved here. Most definitely peace of mind