Tag: Power of Attorney

What is Power of Attorney?

A few places still available at LifeCare’s free info event to help local people simplify the future

Thinking about what would happen in the future if our, or our loved ones, faculties deteriorated can be stressful and worrying. How would someone manage our affairs, access our accounts to set up the right care for us, or pay the bills? Without the right processes in place, an already very emotional situation can be made worse with often very serious consequences.  

Local charity, LifeCare Edinburgh understands how daunting and complex these situations can be and will next month host a free information giving event to help debunk the complexities and help people put the right practical support in place to ensure someone trusted can quickly make decisions on behalf of a loved one if they’re not able, or no longer able, to make them themselves.  

Power of Attorney is a legal document where someone – while they still have mental capacity – nominates a trusted friend or relative to look after their affairs if they later lost capacity in the event of an emergency, illness or accident.

It is not limited to people who are older or unwell, everyone needs to consider setting up a Power of Attorney at any stage of life to avoid any future complications. For example, due to having a stroke, serious accident or dementia.  

Delivered in partnership with experts from Lindsay’s Legal Services team, LifeCare will host its first information giving event designed to encourage people to stop and think about what they need to put in place to help simplify the future.  

Sarah van Putten, Chief Executive of LifeCare said “Unfortunately at LifeCare we are well aware of how stressful life can be when people don’t have the right documents in place.  No one can predict when they may face an unforeseen illness, accident or other debilitating event that may render them incapacitated.  

“As one of Edinburgh’s leading charities providing practical care support we know how emotional these situations can be at the best of times but we also know how much worse they can be when family members and loved ones are locked out of helping access the support for the people they care for. 

“Relatives can’t just walk into a bank and access your money, even if it is to pay for your care. Unless you’ve a Power of Attorney, loved ones would need to apply through court, which can be long and costly. 

“We understand that thinking about the future can be upsetting and frightening. Our free and informal information giving event delivered in partnership with Lindsays is designed to simplify matters; there will be no jargon and there will be plenty of time for questions and discussions and an opportunity to discuss any concerns with legal experts for free.”

LifeCare’s ‘What is Power of Attorney’ event, delivered in partnership with Lindsay’s, will take place at 2pm on Wednesday 1st May in the charity’s fully accessible community café, CafeLife at 2 Cheyne Street, EH4 1JB. 

Free tea and coffee will be available along with the opportunity to find out more about LifeCare’s vital services for older people and the community overall.  

The charity is encouraging people to register via Eventbrite in advance of the meeting: https://www.eventbrite.co.uk/e/lifecares-power-of-attorney-information-event-tickets-856970821797?aff=oddtdtcreator

or visit the LifeCare website https://www.lifecare-edinburgh.org.uk/

or call 0131 343 0940 to register interest.

UK gambling with £5.5trn inheritance as more than half don’t have a will

  • 73% of UK adults with financial concern for others say ensuring the right people receive money is important when gifting money
  • Yet 57% of adults surveyed do not have a will in place
  • Nearly half (45%) have never spoken or will not speak about pension death benefit nomination, lasting power of attorney or a trust with family

More than half of the UK with financial concerns for others (57%) do not have a will in place, according to new research from Quilter, leaving their family finances open to challenge when they pass away.

Of those that do have a will, the majority (53%) have not updated it within the last five years, with a further 14% never having updated it at all. Worryingly, 16% of over 55s have never updated their wishes.

Meanwhile, one in four of those with financial concern for others (25%) said they would be willing to contest someone else’s will if they felt the estate hadn’t been divided fairly, highlighting the need to have an inheritance plan well established and communicated with family.

According to the Kings Court Trust, £5.5 trillion will be passed between generations in the next 30 years. Quilter is warning those who do not have a will or have not updated it in the last 10 years to put one in place to ensure inheritance is passed on in accordance with their wishes.

This comes as the research also showed that when gifting money, an important aspect was ensuring the right people in the family receive the money, with three quarters (73%) citing this as important. Ensuring recipients save tax was another key aspect, with just over half of respondents (55%) stating this is important.

The research also found that45% of people have never or won’t speak about pension death benefit nomination, lasting power of attorney or a trust with their family, again leaving their wishes undetermined.

Rachael Griffin, tax and financial planning expert at Quilter, said: “Inheritance is a highly emotive topic for family to discuss, but many are simply hoping for the best and ignoring what is clearly an important subject.

“Everyone has desires for what happens to their money and their possessions when they pass away, so it is vital these are recorded and regularly updated. Not doing so leaves an estate up for challenge, and this will only delay the grieving process for your family members after you die.

“Encouraging conversations about money and inheritance between family members is the major theme that has emerged from this research. The vast majority see the right family members receiving the money as an important aspect of gifting. However, failing to talk about your estate and your wishes with those family members is just adding a layer of risk on to your inheritance.

“It is also important to remember that while a will is a fantastic way of recording your wishes, you must not forget things like pension death benefit nominations and lasting power of attorney. These are also crucial elements in ensuring your affairs are managed in the way that you want them to be following loss of any capabilities or death.

“Having these discussions with family and ensuring documents are kept up to date will ensure that vast sums of money that are due to flow through the generations will do so in the intended way.”

Man convicted of embezzlement

Gordon Couch (57), was yesterday found guilty at Edinburgh Sheriff Court of Embezzlement after a three-week long trial.

Mr Couch has been convicted of embezzling £170,000 of funds from Marjorie Stewart, from Edinburgh, both prior to and after her death in September 2013 when he was acting as her Independent Financial Advisor, was her Power of Attorney and the Executor of her Will which afforded him trusted access to funds.

An investigation was launched in 2016 after Mrs Stewart’s family raised concerns about Mr Couch’s conduct including the misappropriation of funds.

Mr Couch had by this time moved to Hong Kong and officers began efforts to secure his return to the UK to face charges. He was finally arrested in 2019 after returning to the UK.

Detective Sergeant Craig Potter said: “This was a complex case covering a large number of years where the power and control afforded to one person was able to be abused.

“Marjorie Stewart’s family were key to uncovering the misappropriation and have shown exemplary conduct throughout the long wait for the case to come to court. Hopefully all the witnesses are afforded some closure by today’s verdict.”

Should you have criminal concerns with regard to Power of Attorney or financial issues, police should be contacted.

If you have concerns about anyone carrying out any of the roles for someone else then advice can always be sought from the relevant regulatory body:

Independent Financial Advisors – Financial Conduct Authority

Power of Attorney – Office of the Public Guardian

Executors – Law Society of Scotland