POA and Will -conflict of interest

[NellieP]

Hello,

I am wondering how people ensure there is no conflict of interest between knowing what's in the will and also having financial and health well-being POA. It feels like this may get quickly into murky territory if people know what's in the will and are expecting to inherit and then have to decide between types of care and inheriting something. Does anyone have experience of this and any recommendations?

 

[northumbrian_k]

Hi @NellieP the simple answer is that there is no inheritance until after a person dies and there should be no expectation of one. Anyone who has Power of Attorney must do what is in the Donor's best interests. Compromising on care in order to boost the possible inheritance would be a failure to act properly. Providing for the person's needs whilst they are alive and in the best way possible should be paramount. It is their money and should be spent on their welfare. That is the only thing that counts.

I am Attorney for my wife and know who the beneficiaries will be under her Will. I would consider it a dereliction of duty and a matter of shame to seek out cheaper care options purely for future benefit.

 

[SAP]

I guess they could try if they had no moral compass but at the end of the day, even cheaper care is expensive. Also if a placement is not working out a care home will ask someone to move on , for example if they need nursing care which can be more expensive.
I am the only POA for my mum and one of the executors for her will ( the other will not be able to carry out the duties but that’s another story) and I know the content and benefactors. All of this info in irrelevant until she dies but when I chose her care home initially I went for the best one she could afford and she had a marvellous time. However this ended after a year and she had to be moved with social services involved. She is now in a much cheaper home but with better care for her needs. Funny old world.

 

[maggie6445]

I hold POA and also know what's in my partner's will but I also would consider dereliction of duty to withold spending on care in order to inherit.

 

[JHA]

I hold POA for my mom and I also know what is in her will but the contents of her will are totally irrelevant as what she currently has will be used to fund her care until it runs out.

No conflict of interest here - my mom trusted me when she did not have dementia to manage everything for her and trusted me to look after her when she could no longer do so herself that trust will never be broken.

 

[maggie6445]

I hold POA for my mom and I also know what is in her will but the contents of her will are totally irrelevant as what she currently has will be used to fund her care until it runs out.

No conflict of interest here - my mom trusted me when she did not have dementia to manage everything for her and trusted me to look after her when she could no longer do so herself that trust will never be broken.

I agree. My OH chose me as POA and executor of his will and told me I would inherit anything left.
He trusted me to care for him and look after his welfare and I wouldn't betray that trust. He will get the care he needs.

 

[Sirena]

I don't see why that would present a conflict of interest. I have POA for my mother and I know what's in her Will. All her money has been spent on her care (it has now run out). She's still alive, it's her money, not mine.

I do know of a couple of attorneys being dishonest with their parents' money and using some of it for their own advantage - 'taking their inheritance early'. But if that is the type of person you are, you can do that without having any idea what's in the Will.

 

[nitram]

The donor choose the attorney as someone they trusted, there should be no conflict of interest.

Also in some circumstances an attorney has a right to see the will,
If an attorney has to choose an asset to sell to fund care they have to know if any asset is bequeathed and not sell it, this is in line with the testator's wishes that the person receives the assert and the remainder distributed to the residual beneficiaries.

 

[Elle3]

I had LPA for my father, I was also sole heir and executor of his Will when he died. I always made decisions in the best interests of my father and spent whatever was required to keep him well looked after and safe, it never occurred to me that I was spending my inheritance.

 

[Collywobbles]

I agree with the above. My sister and I have joint POA for both of my parents, and ultimately we’re the joint beneficiaries of whoever passes last (the first one who passes will leave everything to the surviving spouse, and they in turn will leave anything remaining to us).

Sis and I have had frank conversations and we thankfully both agree that my parents’ money is nothing to do with us, and should be dedicated to their own wellbeing. They worked hard for it all their lives, and we have no right to it. If it’s all spent on their care, then that’s entirely correct and we intend to see that happens.

 

[Duggies-girl]

I had POA for dad and was also a beneficiary of his will along with my brother. I always put dad first and he had the best of everything as it was his money and should be used for his benefit.

Not everyone thinks like this and if my brother had held POA it would have been a different story.