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Is it too late for power of attorney?

Discussion in 'Legal and financial issues' started by Grandaughter 1, Aug 12, 2006.

  1. Brucie

    Brucie Registered User

    Jan 31, 2004
    12,413
    near London
  2. jenniferpa

    jenniferpa Volunteer Moderator

    Jun 27, 2006
    39,429
    Sally, thank you for raising that - I knew there was something I had to check. Does anyone know what will happen to unregistered EPAs after April 2007? Is there an overlap period, or will they expire?

    Grandaughter - while I agree that getting your Nan to get an EPA is an excellent idea, it would not be usuable (at least according to the rules) in the scenario you mention (i.e breaking a bone). However a general Power of Attorney would work in that situation, and that's a very simply document to draw up (and doen't need to be registered).

    Jennifer
     
  3. intensityp

    intensityp Registered User

    Aug 16, 2006
    24
    sounds familiar

    oh my god!! Jennifer, you replied to me earlier ,my mothers ,solicitor told her of the 7 year thing and recommended her transferring half of the house to her children and making us poa and now it turns out it could work the opposite way????!! My mum and dad have no assets, all they have is the house... this is my mums future!!!! My dad is gone but he is still alive and and really well cared for by my mother and us...so when it becomes beyond our medical capabilties or his!! I don't want half a house!! I don't want any of their house!! I want my mum safe and secure after all this ****!! sorry.
     
  4. Helena

    Helena Registered User

    May 24, 2006
    715
    The solicitor is actually right in what he is saying but possibly you have misunderstood his reasons


    You do need to get a solicitor practice that has a special Trust solicitor
    Theres probably more than one way of doing it


    What often is done is your dads share of the house instead of passing directly to your Mum ( assets pass to a spouse free of Inheritance tax but then the whole lot gets Inheritance Tax charged on the 2nd death )

    Instead they set up a Nil Rate Band Inheritance Tax trust so that up to £285,000 of Dads assets is put into the trust but its effectively on loan to your mum or you kids

    What this effectively means is that your Mum keeps her half of all the joint assets
    and what your dad had is on loan to her for her lifetime........then when anything happens to your Mum instead of Inheritance tax being levied on the entire estate its only levied on your Mums half
     
  5. Lila13

    Lila13 Registered User

    Feb 24, 2006
    1,342
    Not sure what happens to those of us who have no-one left we'd trust 100%. Choose two attorneys who don't like each other and make it "joint" not "joint and several", perhaps.

    Lila
     

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