My thoughts...

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Sue Moseley

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Thu May 19, 2016 8:42 pm

My thoughts...

by Sue Moseley » Thu May 19, 2016 9:44 pm

My dad was a bit of a control freak when it came to money. He refused a power of attorney, which would have given my mother control of his money in the event of him being incapacitated. When he became incapacitated due to a stroke (one of several) my mother had no access to the bank account to pay for anything. She paid all the house bills out of her account anyway, but dad used to pay for the food and other purchases, and she had no money left after paying the bills - the money was there in dad's account but no one could get to it. This backfired on him big time because my mother couldn't have him moved into a decent care home as she didn't have access to the money to pay for it. She applied for power of attorney again after the stroke, but it didn't come through until the week after he died.

My mother made sure to give myself and my brother power of attorney after dad died, so when she was taken ill we were able to move her to a really nice care home near to us.

My husband and I have joint accounts (unlike my parents), so we shouldn't have to deal with not being able to access money, but if one of us goes I am sure giving the kids power of attorney will be a priority (well my daughter at least - she is quite shrewd with money and managed to buy her own house at 23).
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Zak

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Wed Feb 11, 2015 1:54 pm

Re: My thoughts...

by Zak » Thu Jun 09, 2016 4:21 pm

Personally I feel that it's too risky to leave setting up Power of Attorney
until after the death of one's spouse.
Who would look after your affairs
if you were both incapacitated as the result of a serious motor accident?

Power of Attorney now comes in 2 parts Financial & Health
which is why my wife and I have given Power of Attorney
to each other as well as our 2 children.

That way if I become a 'vegetable' the other 3 can take over my health decisions and financial affairs
with my wife clearly taking the lead.

And if both my wife and I are incapacitated
the kids take over.

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