Power of Attorney

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sue616

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Post by sue616 » Sat Mar 20, 2021 5:29 pm
I have an IVA(started December 2019),but my parents now want me to be a power of attorney for their finances and health.Also,they want to put half their home in my name,the other half in my brothers name,but still live there themselves.I do not want them to know about my IVA.Can I do these things or does the IVA prevent me from being able to help them.

Foggy

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Post by Foggy » Sat Mar 20, 2021 6:32 pm
You are OK to get PoA, but do not let them put your name on the title deeds to the house as this will get tangled up in the equity release provisions of the IVA and / or be treated as an after acquired asset.

Why are they wanting to do this ? It achieves very little in practical terms and will cost an arm and a leg in fees.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

sue616

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Post by sue616 » Sat Mar 20, 2021 6:49 pm
Thanks for reply.
They are elderly and want to sort out their finances,assets etc in case they lose mental capacity in the future.

Foggy

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Post by Foggy » Sat Mar 20, 2021 7:55 pm
Sat Mar 20, 2021 6:49 pmsue616 wrote:
Thanks for reply.
They are elderly and want to sort out their finances,assets etc in case they lose mental capacity in the future.
No issues with the PoA. On the house front, if one passes first, while they are joint owners, the property passes to the survivor and, when the survivor passes it will be left to you and your brother in their will. If they pass it to you now, there could be issues if and when they might need care, as the property would have been passed to you at an undervalue, leaving the transaction open to reversal.

At the very least you should all take legal advice regarding all aspects of such an endeavour.

As I mentioned this transaction will also incur legal fees for the legal transfer and the drawing up of some form of agreement regarding their occupancy.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

sue616

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Post by sue616 » Sat Mar 20, 2021 8:49 pm
Ok.Thank you for your help.
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