Just a few words of warning!

[NotAllThere]

Good tip Paddy. Taken you off my ignore list. Not sure why/when you got there, probably to do with BR...

Goodness me, I didn't realise this forum has been going before the railways were denationalised.

[xoggoth]

Good tip Paddy. Taken you off my ignore list. Not sure why/when you got there, probably to do with BR...

[NotAllThere]

My parents have set up PoA with their kids. Very wise planning. My only concern is my sister is an accountant, and according to the docs has final say.

I'm afraid the only way you'll get control is by going to court. But it might well be worth it in the long run - even if you lose money, at least the relative will be more comfortable in their last years/months/days...

[ladymuck]

What happens in the event of a funeral directors going bust between you paying and you dying? It sounds like a ponzi scheme to me

I don't know the ins and outs of the plan tbh. My mum dealt with it all first time around. When my Gran pops her clogs, I'll update you

[pr1]

My grandparents took out funeral plans. When my granddad died about 15 years ago, it took all the stress and hassle out. My gran is still hanging on (97!!) but she's declining fast so we'll see how well that plan has faired in the intervening years.

What happens in the event of a funeral directors going bust between you paying and you dying? It sounds like a ponzi scheme to me

[Benny]

Make sure the POA names at least two people so there can be checks and balances - removes the temptation for one person to help themselves to the donors funds

[ladymuck]

I would also suggest more than one POA. From personal experience sometimes that person means well at the start but isnt interested long term.

Also with the will, sort out your funeral. Its not fair to leave this to your family and loved ones.

My grandparents took out funeral plans. When my granddad died about 15 years ago, it took all the stress and hassle out. My gran is still hanging on (97!!) but she's declining fast so we'll see how well that plan has faired in the intervening years.

[Lockhouse]

3k per week for a care home? We pay 1k for the FiL at a BUPA home with nursing care so something's wrong there.

[Skye2011]

I would also suggest more than one POA. From personal experience sometimes that person means well at the start but isnt interested long term.

Also with the will, sort out your funeral. Its not fair to leave this to your family and loved ones.

[Paddy]

Just a few words of warning!
If you have made a Will, then make sure that you ALSO make someone Power of Attorney (POA). POA will made sure your wishes are carried out by someone trusted by you when you are in the ‘in between state’ of loss of mental capacity and death.

Maybe you are in a car accident on the way home and become incapacitated. Without POA you may end up with Social Services getting an Order from the Court of Protection and then deciding what to do with you and taking money from your bank account and selling your home for treatment and care.
This includes spouses, children and relatives and friends.
I have just spent six months helping a friend who has a relative without a POA. Privatised local Social Services have got their fingers in the pie and won't let anyone deal with his elderly relative who had an accident because no-one has POA. The elderly relative is being charged £3k per week for a tulip care-home and social services are charging £300 per hour for their admin fees (about £1k per week).

Social services are just a money making scam like parking enforcement.