Deep Singh

Can someone explain what this really means? If someone gives me their poa does this mean I can access their bank account.

ps there is nothing sinister about my reasons for asking

moses

bros their r various degree;s of power of attorney, someone tae look after your finances and sort your estate or business and have the power tae sell your property

but u need tae put in clauses and ask the lawyer tae dae so, they cant sell your property withoot finalising the price for u etc etc and u dont need anyone tae access your bank accounts but only pay in etc or withdraw funds only if u want it and trust the person

if its a land issue in india, trust me, dont, even uncles become devils for land and wealth the b@stards

paul-s

In other words you give someone authority to do something on your behalf - be it authority to deal with your mortgage account, property, etc.

Deep Singh

Already learnt that the hard way bros! They think money grows on trees out here

Deep Singh

Is there a cheap off the shelf product for these now like wills? Don't fancy paying a solicitor hundreds of £s for typing up some paper

moses

true bros me tae, it just hurts me bros, in oor countries, their harami;s, after my dad died rip, my brother and i , we were young but were locked in a battle wae my uncle in pakistan and my other uncle, very sick, all vultures, sad thing is, my dad woz the one who gave them their share of land and we have oor own but their sitting on oor land and milking millions fae it and some of it we got back but God willing we will get the rest back,such ungrateful harami;s they r, they got everything on the plate from my dad and now they decide tae screw us around

im glad u got it sorted bros


peace and true lol so true, daraktha wich paisey lagey hoey aa lol thats what they believe money grows on tree;s in the uk lol , lil do they realise how hard we work, they think its flowing rivers of money here and decide tae screw us their lol


all the best

Minitrue

There are two sorts of PoA. Firstly the most common is a simple Power of Attorney; for this all you need is a simple witnessed form that uses the correct wording. This can only be used in a person's (who is compos mentis) absence. Where the person isnt in full posession of their faculties you would need an Enduring Power of Attorney. This is more complicated to set up and will invlove a solicitor.

MoT

The Snug Rhino

Although you can download either forms from the net - even an EPA where the person is still fine (which in theory, everyone should do)

Deep Singh

ok a little confused. I want one where a person is fine now, but should they lose their faculties ( or be in a coma etc) I have full and instant access to their bank account. This should also apply if they are fine but are just in another country.

Which kind do I need?

Many thanks

Bluie

Get an EPA, which can be used by the Attornies to deal with most things such as Bank/BS Acs etc, the only time you would need to register the EPA with the Court of Protection is if you need to deal with Deeds, such as if you wanted to sell the house.

The thing with registering the EPA is that it costs money, then if the person recovers and able to deal with their affairs again you have to then deregister the EPA with medical proof and again there is a charge.

All the clients I see now have an EPA in place regardless of age, as one never knows what is round the corner.

mancamefirst

Enduring Power Of Attorney is designed to 'endure' should the individual become mentally incompetent by allowing for registration with the Court Of Protection. From memory the EPOA is restricted to property and finances. General POA has far more scope but does not continue should the individual become mentally incompetent. In either case the individual can choose to restrict function of their attorneys.

In both cases the POA and EPOA become obsolete if/when an individual becomes mentally incompetent, with EPOA you can register with COP its fairly straightforward, with POA you can't and instead apply for receivership through COP (I think) and this I believe is time consuming and expensive (relatively).

AFAIK the POA/EPOA process changes in April, details i don't know but i hear say it will be more expensive.

I'm no expert, just unfortunately needed to do some research a little while ago.

Deep Singh

Don't your two statements contradict each other? In the first paragraph you say the EPOA is designed to endure should someone become mentally incompetant and in the second you say it becomes obsolete?

The Snug Rhino

u can download an EPA online...i do them for clients everyday. still needs regerstring with the court of protection at the time - there is no EPA that will is inactive but the second you are nuts someone can access your bank! You need Dr's evidence and the courts otherwise who controls it???


and it Oct the system is altered.

Deep Singh

Thanks. I'm not handing poa over to someone but vice versa. Just to be clear, I will have instant access to bank accounts whether the other person is incapacitated or not? How does that actually work? When I turn up at the bank trying to take out large amounts of money from a bank acct not in my name do I just show them a letter?

Many thanks

john banks

These could start to become a PITA for me because a whole extended family turned up to get them signed taking up a block of appointments and we were ill prepared with no fee structure etc.

Minitrue

Not with a simple PoA, no. Setting up an enduring power of attorney is more complicated, even whilst the person is still in command of their wits. The syntax may be freely available to download but you will still need a professional's involvement.

MoT

Deep Singh

Thanks MoT, but how does it actually work? If I have EPOA over someone and want to access their bank account do I turn up at the bank with a piece of paper and they hand over the cash?

Deep

Minitrue

Pretty much Deep. I have PoA for my brother who is living in Australia (only a simple Power of Atorney) and its been accepted by the Inland Revenue, his accountants and the Police without question. The bank were a little unsure at first, but that was the staff rather than the establishment...

MoT

remember that a simple PoA is only valid whilst a person is compos mentis; if you expect that to change then a more involved EPoA will be required. If theyre not in command of their faculties now then youll need even more (than an EPoA requires) expert help.

Deep Singh

Thanks MoT

The Snug Rhino

only to advise on the implications of its use. once you have the form its hardly a complex bit of admin.