If you are considering appointing a power of attorney there are a few things you need to think about. Our job is to advise you of the process and to help get things organised in the event of your death, this could be anticipated or completely unexpected. A power of attorney has a responsibility to ensure your wishes are carried out after your death, or if you are unable to make decisions yourself i.e. Alzheimer’s. The person will be your legal representative and be able to make legal decisions on your behalf, they must have your best interests at heart.
Points to Consider;
- Who will be neutral and not be pushed around by family members
- Who will carry out your wishes exactly as you have requested
- Who is trustworthy and not selfish to use this position to their advantage
You would need to make an appointment at your local office, go through absolutely everything with the lawyer regarding outstanding debts i.e. mortgage, bank loans, credit cards, hire purchase etc. This law firm seems to have UK wide coverage. Then things like savings, investment, stocks and shares and pensions. All of these things need to be tied up before any money is considered left over to pay family members for inheritance etc.
Cost to Appoint a Power of Attorney
The cost can vary but you are looking at approx £300 – £400 + VAT, you would need to get the person you have appointed as the power of attorney to sign paperwork to state that they understand they will have a responsibility after your death to execute the will and help to tidy matters up.
Dispute Over Power of Attorney
If there is a dispute over the power of attorney if you have organised this when you have been of sound mind (not suffering from dementia) then it’s very limited what the person can do.