The following service is separate from our relationship with Intrinsic who are not responsible for any advice or information contained on this page.
Powers of Attorney and will writing are not regulated by the FCA.
Whilst many people may have made a Will many less have legally appointed someone or people, (an attorney/s) to look after their finances or health if they become unable to manage it themselves through illness, accident or simply age. Yet failing to make a power of attorney is much more likely to cause problems to the individual concerned than dying without a Will
If you find yourself in this situation and your parent or relative who you are organising care for hasn’t made a power of attorney, unless you are a joint account holder with your parent or person in need of care (unlikely), or they are still compos mentis and can still make decisions for themselves, you will helping them manage their finances very difficult and in most cases impossible. Typically this can include not being able to:-
That’s why we would always advise our clients, who do not have one, to put a power of attorney in place as sensible preparation for possibly being unable to manage their own affairs. DON’T forget it is not just for when you lose mental capacity but also when you just simply find managing your affairs difficult and this can of course arise as a result of a car/plane/work accident or even strokes/heart attacks- all of which can of course happen at anytime.
Certainly if you are reading this because you are responsible for overseeing someone’s long term care and they don’t have either an old type Enduring Power of Attorney (still valid) or the newer Lasting Power of Attorney, providing they still have mental capacity we would strongly urge you to talk to the person needing care about making one and then call us to arrange one.
If your parent or relative still has mental capacity, all is not lost and as licenced Will and Power of Attorney consultant, we can help them make one - but it can take several weeks to obtain and be registered - so you may still encounter some problems whilst you wait for it to be written and registered.
On the other hand if your parent or relative is no longer compos mentis, they will not be able to make a Power of Attorney and the only solution then is to apply to become a Court appointed Deputy for them. This is very time consuming, beaurocratic and costly. It will also mean that you will have to account to the Court of Protection annually over what you have done with the donors money and depending on the permissions the court may grant you, you may not be able to make some decisions like selling the house or buying a care fees funding plan, without getting it rubber stamped by the Court. Each time you have to involve the Court it costs - leading only to further erosion of capital!
Powers of Attorney can either be:
Don't delay - make a Power of Attorney today - before it becomes too late.
So if you find yourself in this situation, or would like to make one for yourself (don’t forget you may become incapacitated at any time due to an accident –they are not just for older people) please call us or complete our enquiry form and indicate your interest in Lasting Powers of Attorney and we will call you back to discuss your requirements further at our expense.
Alternatively if you would like to find out more about POA’s download our free factsheet
No one knows when an accident or ill health will happen, so even if your parent has already made you Power of Attorney for their affairs, make sure your money and health can also be looked after by someone you trust – simply and easily by making a Power of Attorney for yourself now. Alternatively if your parent hasn't made one (or would like to change an existing one) and is still compos mentis and would like to make one, please call us, or complete our enquiry form and indicate your interest in Lasting Powers of Attorney. We will then call you back to discuss your requirements further.
Remember - "If you fail to plan, you are planning to fail." Benjamin Franklin
Lasting Powers of Attorney are not regulated by the Financial Conduct Authority
Alternatively if you would like to find out more about POA's download our free factsheet, or by visiting https://www.gov.uk/power-of-attorney/make-a-lasting-power-of-attorney
Head Office Address:
Advice on Care
267 Barrowby Road, Grantham, Lincolnshire, NG31 8NR
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Advice on Care
Abbey House, 1650 Arlington Business Park, Theale, Reading, Berks, RG7 4SA
Telephone: 01476 589 567
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The information contained in this web site is for general information only and is not financial, investment or tax advice. It is also subject to the UK regulatory regime and is therefore restricted to consumers based in the UK. If you would like to discuss a particular issue or generally ask us how we can advise on your particular situation then please contact us.
Advice on Care is a trading style of Keith Hargraves who is an appointed representative of Intrinsic Financial Planning Limited and Intrinsic Mortgage Planning Limited, which are authorised and regulated by the Financial Conduct Authority. Intrinsic Financial Planning Limited and Intrinsic Mortgage Planning Limited are entered on the FCA register (http://www.fca.org.uk/register/) under reference 440703 and 440718.
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