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Power of Attorney - financial

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Power of Attorney - financial

Postby RogerS » 12 Sep 2018, 11:42

Just pray that you never have to exercise one. LOML is taking over her mothers financial affairs as she has early-onset.

Bottom line....she has spent days and days and days wading her way through umpteen companies that have zero concept of what Lasting Power of Attorney actually means. The worst culprit is effing bloody Santander. Their Power of Attorney team move the goalposts daily. I've told LOML to stop messing about, send them a letter detailing how much she is going to invoice them for her time wasted.

Even when they do, companies manage to cock things up. For example, BT managed to set her up an account online to manage her mothers' account. Only they managed to combine her old details from our last house with her mother's details, then filled in security questions and answers but failed to either let LOML know or log the even within ther systems. That took four days to sort out and umpteen phone calls.

So...just pray you never have to get involved
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Re: Power of Attorney - financial

Postby RogerM » 12 Sep 2018, 14:25

Been there. Done that! Easiest if the POA is set up before it is needed and you can persuade the subject of the POA that they will let you invoke it voluntarily. Saves endless time. But as you say, getting various institutions to recognise it is another matter. I found that many refused to open accounts in the name of an attorney leaving it quite difficult to find a home for various funds. Fortunately I had pre-empted the problem by opening accounts first and only then registering the POA once it was open.

When the inevitable happens you will save a fortune if you do the probate yourselves. It's not rocket science but solicitors charge the earth, and take forever. I did my Mum's and it took 4 months from the date she passed away to getting probate. A solicitor friend told me that I probably saved £15-20k minimum, and 6 months delay.
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Re: Power of Attorney - financial

Postby SamQ aka Ah! Q! » 18 Sep 2018, 09:15

Just to be in balance, I got Power of Attorney for M-in-Law (also looking like 'early onset') in 15 mins at local Santander branch. Lovely lass was SO helpful, rang us twice afterward to check paperwork from Head Office had arrived, yada, yada. I found most bodies I dealt with on the 'phone were straightforward too, once unique security questions were answered and M-in-Law had verbally verified to them I was not a scammer and could speak on her (stone deaf) behalf. Some yelling, to make her hear clearly what was being said, but no biggie. Tedious, but necessary.

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Re: Power of Attorney - financial

Postby RogerS » 22 Sep 2018, 11:47

Met an old work colleague in the week. His approach to managing his elderly mother's financial affairs was to forget the Power of Attorney completely. The approach was simple and pragmatic. Since she had never setup online banking, he did. He had all the information. It was his mobile. He set up the security questions and answers. Job done. Simple.

I did think of that approach myself but have learned long ago not to challenge LOML and let her go her own sweet way.
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