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Can you explain what that is in small words
POA is Power of Attorney. Example: I went to gov.uk/power-of-attorney and filled in a form for my Mum to sign that gives me and/or my brother & sister the power to manage her money for her. We had to sign it too. I took it to her bank and they gave me online access to her account. I can make payments and set up debits on her behalf. To start with I just kept an eye on the pension going in and the bills going out, but as she's aged (now 93) she's asked me to run it for her. Anything non-routine we talk on the phone and if I think it's important I tell my brother & sister.
She's also signed a similar one that allows us to make health and welfare decisions on her behalf.
Tell her to put the money into our Project!
She'll get it all back, plus interest, there are no fees and she can come and see the mountains whenever she wants to - or send someone from her family in her place 🙂
Thanks Greybeard....
I thought that was a financial acronym .. got it now.
I guess in answer to that question I'd assume the nipper has to be 18?
POA is Power of Attorney. Example:
The point of this is if a relative loses their marbles you can step in. Granting PoA is trivial and costs a couple of hundred quid. Taking PoA after they've gone doolally takes months and cost thousands.
Haven’t all the elderly parents on here already drawn up POAs with their children as attorneys? Why on earth wouldn’t you
I can think of three reasons:
I've got the opposite problem. I want to put it in place for my mum, but it's a hard subject to bring up. My dad went mad and spent the last four years of his life either in hospital or a care home, and the change was like throwing a switch. One minute he was answering questions watching Eggheads, the next I was calling an ambulance. What do I do, "hey mum, can we put PoA in place before you go like your husband?"
I've found an 'in' though. I'm in the process of drawing up wills as part of moving in with my girlfriend and the solicitor advised that we do PoA for each other. So I was giving mum an update on where we were at, told her this then had a 'sudden thought,' "hey shall we do this too?"
Doddering crumblies need to grow the **** up, frankly, rather than dumping a load of shit on their children just through some combination of selfishness, denial and laziness. They've often seen their own parents/relatives getting old and doddery, and dealt with the consequences, why would they want to make it as hard as possible for their children?
Awww, diddums doesn't want to think about getting old. Well, the alternative is available via a number of mechanisms but is generally considered to be less attractive.