POA.... who to choose as attornies?

[BellaHubby]

I really, really, really must get POAs sorted for wife and I. We never seem to get around to it, and we're both in our 70s, and I'm not confident my wife can handle the finances when I'm gone.

The problem is who to choose as attornies. We have no children, siblings are similar age to us or older, and like our nephews and nieces, they are spread far and wide in the UK and around the globe, so I don't think it would make sense to choose any of them. There is one nephew who is 50 miles away but we don't think he is very trustworthy.

So what to do? Choosing a solicitor (ir that is possible) sounds expensive. Are there any other options?

bh

[didds]

all i could say is have you any friends that you do trust, that are 15-20 years younger than you i.e. likely to not die before you, that live locally?

attorneys don't have to be family AIUI.

[BellaHubby]

all i could say is have you any friends that you do trust, that are 15-20 years younger than you i.e. likely to not die before you, that live locally?

attorneys don't have to be family AIUI.

Sadly not, the few local friends are all a similar age or older

bh

[MyNameIsUrl]

An expensive solicitor would seem to me to be preferable to an untrustworthy nephew.

You might also look for an expensive accountant to help your wife manage her finances. It might be money well spent.

[dionaeamuscipula]

From a website:

"You can contact Age UK for free advice on power of attorney by calling 0800 678 1602, 8am-7pm, 365 days a year."

Also some good general information here:

https://www.alzheimers.org.uk/get-suppo ... tent-start

DM

[9873210]

You need to plan for alternates in any case. Even a 20-year old, or a solicitor, could be hit by a bus.

If you and your wife are currently capable you could pick each other, and similarly aged friends could be in the line of succession. The real issue here might be the burden you would put on any potential attorney. It could be difficult to turn down a request for help from somebody close to you even if you don't think yourself capable.

[Clitheroekid]

The first thing to say is that you should each appoint each other, and this may be all you would ever need. In fact, I suspect the large majority of LPA's are never used at all, as most people remain of full capacity until they die. I've made literally hundreds of LPA's for clients, and although they wouldn't necessarily tell me if they were being used I've got dozens in storage that have never been touched for years.

But as that doesn't answer your question I'd suggest a professional attorney would be appropriate, if only as a fallback if the spouse can't manage, or they die. However, I'd be wary of using a solicitor, as hourly rates seem to have soared over the past couple of years, and £300 - £350 per hour + VAT is now quite common, particularly in London and the south east.

Acting as attorney generally doesn't require much legal knowledge, and if legal advice is needed it can always be bought in as and when required. So it's silly to be paying the rate for a highly skilled professional to do simple admin work - like paying a Ferrari mechanic to service your Fiesta.

You may be able to agree a much lower rate if the work can mostly be done by a paralegal - maybe around £125 p.h. + VAT, which would be a good solution, as you'd still have the high level of protection offered by using a solicitor. Alternatively, consider using a chartered accountant, as their rates tend to be quite a lot lower than solicitors, and you could again arrange to use a fairly junior member of their staff to do the day to day work rather than a qualified CA.

But the reason I'd specifically recommend a chartered accountant is that anyone can call themselves an accountant, and there are plenty of unqualified and uninsured rogues out there. At least with a CA you have the protection of a properly regulated and insured professional.

[BellaHubby]

Many thanks to all for the suggestions.

We will certainly have each other as attornies, but being older than my wife and male, I'm likely to go first and am concerned how she would manage the finances. I like the idea of a local chartered accountant, so I'll investigate that further.

bh

[brightncheerful]

"But the reason I'd specifically recommend a chartered accountant is that anyone can call themselves an accountant, and there are plenty of unqualified and uninsured rogues out there."

i was instructed by a tenant of a commercial property. The landlord's agent was an accountant. On the agent's headed notepaper and his website, it said he was a Chartered Accountant. I contacted the ICA to check. Transpired he wasn't. The ICA thanked me for bringing it to their attention, told me that a lot of accountants are prone to misrepresenting their qualification.

Currently, I am acting as an expert witness for a court case concering the interpretation of the wording in a lease of a commercial property. I do not have any academic qualifications (and make no secret of that fact) so in my witness statement I say I am self-taught. In his witness statement, the landlord's expert witness says he is a chartered surveyor so I checked. Unable to find his name on their list of members, I queried it. (Occasionally I find surveyors are not on the list because their official name differs from the name they use.) He has told me his membership is temporarily suspended pending resolution of an insurance issue. I told him he should have disclosed that in his statement. He says it didn't think it relevant. I said it is because if his suspension is still in place at the court hearing then his credibility is undermined. In my statement I said it is not necessary to be a qualified surveyor for the purpose. He has told me that as what I have said is correct there is no issue. i said that the issue is he says he is a chartered surveyor when at the moment he is not.

[UncleEbenezer]

Many thanks to all for the suggestions.

We will certainly have each other as attornies, but being older than my wife and male, I'm likely to go first and am concerned how she would manage the finances.
bh

Don't count on it! It could be either of you succumbing to a dread disease and leaving the other widowed.

Can't you leave instructions just to simplify your affairs on your demise or incapacity? For example, whatever assets you have, just turn them into a straightforward annuity and maybe a cash pot? That way your expensive professional has just a one-off job to charge for.

[DrFfybes]

The problem is who to choose as attornies. We have no children, siblings are similar age to us or older, and like our nephews and nieces, they are spread far and wide in the UK and around the globe,

Being in a similar situation, our preference will be to choose the beneficiaries of our Will, also the people we will nominate as Executors.

We've picked people we have riefed, and who are younger than us, and who we believe to be competent, but also who are willing to do the job. As they're going to end up with the money anyway there is little incentive to try and be creative with it sooner, not that we'd expect them to do that anyway.

These days Geographical location is of little relavance with most things being done online, although from a practical standpoint them being UK resident and nationality has some benefits for documentation, ID proof, etc.

Paul

[BellaHubby]

Many thanks to all for the suggestions.

We will certainly have each other as attornies, but being older than my wife and male, I'm likely to go first and am concerned how she would manage the finances.
bh

Don't count on it! It could be either of you succumbing to a dread disease and leaving the other widowed.

Can't you leave instructions just to simplify your affairs on your demise or incapacity? For example, whatever assets you have, just turn them into a straightforward annuity and maybe a cash pot? That way your expensive professional has just a one-off job to charge for.

Yes, I've documented our financial affairs and written instructions on transferring investments. Use simple global trackers such as VWRL and steer well clear of any recommendations from financial advisers which result in nice annual fees for them

bh

[BellaHubby]

The problem is who to choose as attornies. We have no children, siblings are similar age to us or older, and like our nephews and nieces, they are spread far and wide in the UK and around the globe,

Being in a similar situation, our preference will be to choose the beneficiaries of our Will, also the people we will nominate as Executors.

We've picked people we have riefed, and who are younger than us, and who we believe to be competent, but also who are willing to do the job. As they're going to end up with the money anyway there is little incentive to try and be creative with it sooner, not that we'd expect them to do that anyway.

These days Geographical location is of little relavance with most things being done online, although from a practical standpoint them being UK resident and nationality has some benefits for documentation, ID proof, etc.

Paul

The vast majority of our estate will go to local charities, to help minimise IHT. I don't think it would be wise to have the charities act as executors.

bh

[DrFfybes]

The vast majority of our estate will go to local charities, to help minimise IHT. I don't think it would be wise to have the charities act as executors.

bh

Or Attorneys