Power of Attorney

[VOOMER]

I don’t back you up.
You can set up a trust but at the age the OP is talking about it’s just as likely a council would consider it deprivation of assets and leave them to pay care home costs anyway despite spanking hundreds of pounds on a solicitor.
Set up a trust in your 50s - fine.
Set one up at the time you set up PoA for a pensioner and I doubt you’ll get away with it.

Isn't there a ten year rule as well?

 

[N1985]

I'd be more interested in spending time with your Dad as much as possible. Life is too short. Leave the pride and ego at the door pal and if she runs off into the sunset with the family kitty it'll bite her in the arse one way or another. Let it go mate and don't spend the rest of your Dad's life resenting him and her.

 

[denislawsbackheel]

Isn't there a ten year rule as well?

No.
There is no automatic statute of limitations for a council to consider deprivation of assets.
Though the longer the time scale the better the argument it wasn’t done for such.

 

[Mad Eyed Screamer]

My Dad has long talked about completing the forms to assign power of attorneys on medical and financial matters should the time come where he is unable to make those decisions.

His first call to me claimed he could only choose one, which I immediately said was incorrect.

He called the other day to say he had sent the forms to my sister who would send on to me for signing and that she was going to be sole power of attorney as "it was easier" that way and I would be a stand by.

I wasn't in the mood for an argument so left it.

The forms have since arrived and now I am fuming as it feels like an admission of favouritism or a question of my character.

Should I be as pissed off as I am? And was I right to sign it from Santa Claus and send it back to him?

Is there a will? As long as there is, all should be good?

 

[Brooklands Blue]

I would 100% get a trust set up as a matter of urgency. If the will was written by local solicitor check first, it maybe at trust has been setup. If not chose a solicitor, with a good long standing practice. Shouldn't cost more than £760, I'm sure a bluemooner will back me up when I say it makes sense, mainly to deal with any potential future care costs for you father.

The correct Trust would be a Family Asset Protection Trust. This doesn't guarantee a local authority cannot seek to claim care home costs but it generally provides a sufficient barrier that the authority doesn't bother. As for the £760 cost, we charge £3495.00 for such a Trust which is in line with our competitors. On a separate note I always encourage my clients to put in place their LPA'S as the cost of obtaining this retrospectively via the court of Protection is imposing.

 

[Brooklands Blue]

Isn't there a ten year rule as well?

You might be referring to IHT liability there bud.

 

[marco]

yes PoA should be joint so you can all see where any cash is going, my sister blew the lot once she got those bank cards, thousands in take away meals and resturants not forgeting the daily ATM withdrawls at £400 a pop for over a year, long story but if the OP is concerned drop me a PM

 

[supercity88]

yes PoA should be joint so you can all see where any cash is going, my sister blew the lot once she got those bank cards, thousands in take away meals and resturants not forgeting the daily ATM withdrawls at £400 a pop for over a year, long story but if the OP is concerned drop me a PM

Thanks mate. Not concerned by my sister, but maybe I should be. Money changes people and she is certainly more money motivated than me. But I think she will be okay. Trouble I'm in now is I genuinely signed it with a massive fuck off....when I am more calm and apathetic now! That's another issue I now need to sort!

 

[denislawsbackheel]

So there you have it from the horses mouth.
Spunk £3500 for no guarantee you are protecting anything!

 

[Blue Maverick]

The correct Trust would be a Family Asset Protection Trust. This doesn't guarantee a local authority cannot seek to claim care home costs but it generally provides a sufficient barrier that the authority doesn't bother. As for the £760 cost, we charge £3495.00 for such a Trust which is in line with our competitors. On a separate note I always encourage my clients to put in place their LPA'S as the cost of obtaining this retrospectively via the court of Protection is imposing.

Hi mate if I wanted to set up a trust in that if me or the wife dies then our half of goes into a trust for our daughter so she doesn’t lose everything should the other end up going into care what would that cost roughly?