I'm probably overthinking this and making a mountain out of a molehill, but Ill ask you anyway.......
If son has LPA (Finance) for father, and father ticked the box for it to take immediate effect (rather than waiting for loss of capacity) does the son have a fiduciary responsibility for any financial decision made from that point, even if a (poor) decision was made by father without input from son. Also is son responsible for putting father's money in a place that is safe and will hopefully earn interest, even if father doesn't want to do it. In other words, does ticking the box take decisions from the donor and vest them solely in the attorney......if they share it, and donor has 'capacity', how does attorney deal with unwise decisions without being accused of mismanagement. Taking a quote from @concerned4 (thank you) in the "Capacity" thread
CHAPTER 4: SPECIFIC GUIDANCE ON EXERCISING CONTINUING POWERS OF ATTORNEY:
MANAGING THE PERSON'S FINANCES
4.1 You are not obliged to invest the person's estate for maximum profit but you must exercise at least the standard of financial management that he/she would expect.
Hope I've managed to explain my muddled thoughts.....the more I think about it the less it seems to make sense, so I must be missing something vital!
If son has LPA (Finance) for father, and father ticked the box for it to take immediate effect (rather than waiting for loss of capacity) does the son have a fiduciary responsibility for any financial decision made from that point, even if a (poor) decision was made by father without input from son. Also is son responsible for putting father's money in a place that is safe and will hopefully earn interest, even if father doesn't want to do it. In other words, does ticking the box take decisions from the donor and vest them solely in the attorney......if they share it, and donor has 'capacity', how does attorney deal with unwise decisions without being accused of mismanagement. Taking a quote from @concerned4 (thank you) in the "Capacity" thread
CHAPTER 4: SPECIFIC GUIDANCE ON EXERCISING CONTINUING POWERS OF ATTORNEY:
MANAGING THE PERSON'S FINANCES
4.1 You are not obliged to invest the person's estate for maximum profit but you must exercise at least the standard of financial management that he/she would expect.
Hope I've managed to explain my muddled thoughts.....the more I think about it the less it seems to make sense, so I must be missing something vital!