Sorry, I meant- Why can’t I use it
Inheritance Tax
- Thread starter nwgs
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He says so but Im not convinced. If he dies first it all goes to my step mum and she’s going to transfer it to us “I know” alarm bells.
There’s a villa in Spain too.
Hahahahaha!
I’m fully aware of that! I wish he was skint really.
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If your father does NOT have a regsitered POA then I suggest that you sort one out ASAP.
In the event that your father may/will have some deterioration in his ability to manage a property portfolio as he ages then at some point he may need some point. The absolute worst-case scenario is that this happens in a short timeframe and there is no-one to effectively manage his portfolio without a POA
There are two distinct POA's One for health and one for finances. I would recommend that you look into these as soon as possible. There are a very great number of people on here and elsewhere who very much regret that one of either of both was not in place when an elderly loved one needed effective advocacy within the health system or assistance with their financial affairs.
Often, the need for a POA only becomes apparent AFTER such time as it is possible to obtain one. I would recommend that you and your sister investigate and discuss this together and then with your father. It may be that there is some reticence on his part but please persevere
Regards
Tet
I’ve not even thought about that until you mentioned it. Thank you, I’ll look into it asap.
If he says he has a will then you'll have to take his word for that. It doesn't sound like he'll be open to the idea of a POA and perhaps you should take a step back from pressuring him. Old folk tend to be touchy about this sort of thing.
I’ve never mentioned POA to him. His Mrs suggested I become a signatory on his bank account. So the bills can be paid before everything is all sorted.
It’s a mind field because no one trusts my sister, so it’s all on me. And I don’t like drama
No, i realised that since the POA idea was floated in the thread but all the tensions arising from this issue will not settle down unless an agreement of some kind is found. And since you're privvy to information better left out of the discussion i'd seriously suggest your lawyer should be made aware of these issues rather than us.
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Strongly do recommend you get Powers Of Attorney set up as soon as possible. My father didn't want one but when he ended up in hospital and not really capable of making decisions for himself. I had a really difficult time in trying to keep things altogether. The TPTB when he was in hospital were looking (threatening) to make an attachment of his assets to fund his care at one time because we didn't have POA's in place. We had to involve a solicitor for advice.
You really need to know what the will says
To get a POA in either cases, you will need proof/testimony from medical experts that your father is mentally unable to realise the consequences of his decisions, both over his health and over handling his financial affairs.
One potential problem is that, if he is deemed cognizant in one of them, he may be 'assumed to be in both of them. He may then see this as an attempt to gain power of his actions in order for you to start moving money around, putting him in a home etc. Thats when he can do the most damage, by leaving everything to his wife, (your stepmother, who's going to 'transfer it all to you and your sister,
), you may not get a penny, especially if she has children of her own.
If you do get POA, especially over his finances, you will not be able to change his Will to make sure he leaves you in any way financially better off. In fact you cannot change his Will in any way whilst he is still alive. You can contest it once he has died, and the solicitor releases it to his family members.
My wife gained POA on her late dad's health and finances, because he clearly had dementia and was paying mail order companies vast amounts of money for 'so called cures' for everything under the sun, which he wasn't even taking when they sent him something! We found boxes and boxes of outdated, 'medication' that had never been opened. As soon as she got POA she quickly checked his bank accounts and put immediate stops to all the Direct Debits he had set up for them.
You need to speak to his GP about your fears over his health and mental capacity, and a solicitor about POA's.
One potential problem is that, if he is deemed cognizant in one of them, he may be 'assumed to be in both of them. He may then see this as an attempt to gain power of his actions in order for you to start moving money around, putting him in a home etc. Thats when he can do the most damage, by leaving everything to his wife, (your stepmother, who's going to 'transfer it all to you and your sister,
), you may not get a penny, especially if she has children of her own.If you do get POA, especially over his finances, you will not be able to change his Will to make sure he leaves you in any way financially better off. In fact you cannot change his Will in any way whilst he is still alive. You can contest it once he has died, and the solicitor releases it to his family members.
My wife gained POA on her late dad's health and finances, because he clearly had dementia and was paying mail order companies vast amounts of money for 'so called cures' for everything under the sun, which he wasn't even taking when they sent him something! We found boxes and boxes of outdated, 'medication' that had never been opened. As soon as she got POA she quickly checked his bank accounts and put immediate stops to all the Direct Debits he had set up for them.
You need to speak to his GP about your fears over his health and mental capacity, and a solicitor about POA's.
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you need to know where his (their) most recent 'Original' will is kept, along with all other relevant paperwork (deeds, insurance policies, vehicle receipts and the like). Anything stored electronically needs to be duplicated with the copy stored at a different location.
Any electronic Land Registry stuff needs an 'Activity Marker' setting so any activity (transfers, interrogations, sales) get flagged up to you.
As the executor for my cousin's estate a couple of years ago, writing out a cheque to HMRC for almost £250K of her hard-earned was one of the most galling things I have ever have had to do. Luckily she held on to some farm land, so the government couldn't get their hands on any of that as it's zero rated for IHT.
Single childless really get stung and those affected are rising rapidly. One modest proposal being considered is to ditch the extra house exemption and, instead, give everyone a £500K exemption. It simplifies and equalises at the same time.
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