Just wondering if anyone has an opinion on updating the old style POA with the new style POA, or just has some general advice on getting involved with someone else's finances?
My dad was recently diagnosed with dementia. Being an organised person, he drew up an Enduring Power of Attorney (EPA) about 10 years ago naming me as the attorney "in case it was ever needed".
I've never actually used the thing but it was registered at the time (the Registers of Scotland agency holds a copy). Now that he has dementia I know we need to think about the future including POA.
The EPA covers his finances and I know there are now two types of POA, one for money and one for health.
My question is, is there any advantage to drawing up the new style POA for finances when an old-style EPA is already set up? I know I could ask a solicitor but they may be biased toward doing unnecessary work to increase their fees :-)
Also I have another question - have you any advice for dealing with someone else's finances? Realistically, he would struggle to deal with his finances if it weren't for his pensions being paid directly to the account and bills being paid by direct debit. I expect I should keep records of anything I do, but he is still withdrawing and spending money himself at the moment (he has a card that he uses at the bank counter) so I wouldn't know everything that's happening.
As an aside, following a lengthy and unproductive phone call with DWP my dad wants me to be set up as an appointee to deal with his state pension. Also a member of staff at his bank (who has known him for years) suggested that he add me to the account as it would be easier if e.g. the bank need to phone and check something. The bank teller said she did this for her mum and operated it as if it were just her mum's account although it was officially a joint account. I can see the advantage of me being able phone the bank if needed (like if he lost his card and it needed to be cancelled) but am a bit dubious about it being a joint account in case it's seen as taking advantage somehow. (The bank teller showed us both a statement and for some months my dad had been regularly withdrawing the max daily amount from the ATM several times a week but has no idea what he spent it on - its probably in the kettle for safekeeping though.)
I suspect there is no easy answer.