Firstly, hello to everyone on the forum
Secondly, I'm here for help in order to assist my partner and her parents to cope with her father who has just been diagnosed with mild parkinsons and the early stages of dementia. They are not computer literate and therefore do not have access to the internet.
Thirdly, I suspect that the answer to my question is a "yes", let me explain.
I came to the website this evening in a tired state after a busy day not really wanting to have to concentrate on much. My motivation is the urgency associated with getting in place and EPA before her father loses his mental capacity to do so. I'm assuming this is necessary. Her mum would be the attorney.
I was under the illusion that it was only necessary to put in place an EPA so that the attorney is able to be in control of the financial affairs of the donor and only if the finances of the donor are other than simple. After having read some of the existing threads I understand that EPA's can give the attorney other powers than simply looking after the donor's finances.
My partner's parents finances are very simple, they have two building society accounts which are in joint names. A current account and an instant access savings account. Their income comes from her fathers state pension and his two occupational pension schemes. Her mother has her own state pension. Their home is paid for and would be below the inheritance tax threshold if sold. I don't know how it is held i.e tenants in common or joint tenants. Their will is set up so that if either dies the other inherits the estate and in the event of a joint death the children inherit in equal proportions.
We are eager to know whether we need to set up an EPA before it's to late.
Any advice much appreciated.
Thanks
Secondly, I'm here for help in order to assist my partner and her parents to cope with her father who has just been diagnosed with mild parkinsons and the early stages of dementia. They are not computer literate and therefore do not have access to the internet.
Thirdly, I suspect that the answer to my question is a "yes", let me explain.
I came to the website this evening in a tired state after a busy day not really wanting to have to concentrate on much. My motivation is the urgency associated with getting in place and EPA before her father loses his mental capacity to do so. I'm assuming this is necessary. Her mum would be the attorney.
I was under the illusion that it was only necessary to put in place an EPA so that the attorney is able to be in control of the financial affairs of the donor and only if the finances of the donor are other than simple. After having read some of the existing threads I understand that EPA's can give the attorney other powers than simply looking after the donor's finances.
My partner's parents finances are very simple, they have two building society accounts which are in joint names. A current account and an instant access savings account. Their income comes from her fathers state pension and his two occupational pension schemes. Her mother has her own state pension. Their home is paid for and would be below the inheritance tax threshold if sold. I don't know how it is held i.e tenants in common or joint tenants. Their will is set up so that if either dies the other inherits the estate and in the event of a joint death the children inherit in equal proportions.
We are eager to know whether we need to set up an EPA before it's to late.
Any advice much appreciated.
Thanks