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What needs to be done so I can deal with parents' affairs if they unable?

(5 Posts)
Figure17a Wed 28-Dec-16 17:01:24

Both in good health and sound mind atm, but I understand that once they start to deteriorate it's too late/harder to set up.

Dad is keen to get this in place now and does bits of research but it's never been put in place, mainly because he's determined "we" can do it ourselves without paying a solicitor.

Any advice? Is it right that finances and health issues are dealt with separately?

thatstoast Wed 28-Dec-16 17:03:31

Finances and health are separate so you need two if that's what you want.

You can definitely do it yourself.

PotteringAlong Wed 28-Dec-16 17:04:51

You can do it yourself and your dad is right; much better to get it sorted now.

paulapantsdown Wed 28-Dec-16 17:07:26

Yes you need to set up a lasting power of attorney. I believe it has to be done by a solicitor as they have to determine that the person is entering into it freely. It is done through a court.

It can just stay in place in place until such a time as either of your parents can't manage anymore and you then just step in.

I hold POA for my uncle. Within a month of the court documents being cleared, I had to take over all his financial and medical decisions.

I can honestly say that, apart from at the bank, no one has ever asked me to show proof of my POA, even at the hospital. It is very open to abuse if I did not have my uncles best interests at heart.

Blossomdeary Wed 28-Dec-16 17:10:29

My parents did this - heavens was it a godsend at the end of their lives!

We have signed LPAs for both finances and care/health etc. We did not use a solicitor but did it ourselves. It is not difficult, but does require you to be systematic, as things have to be signed in a clear order. There is a fee, but we had it reduced on financial grounds - even though we had some savings.

One thing my father did, which really helped, was also to open a joint account with my brother. Dad put in £10,000, and it meant that the immediate expenses after his death could be covered on my brother's signature.

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