Money Box Live: Power of Attorney

Money Box

BBC

Business

4.2 • 825 Ratings

🗓️ 3 July 2019

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

Who will take care of your finances and welfare if you no longer can? Putting in place a Power of Attorney - what ever your age - allows one or more trusted people to manage your money and personal needs if and when you need help, such as dealing with your bank, paying your bills or arranging personal care.

There are many aspects to consider such as who to appoint, what responsibilities they will have and whether you want to place restrictions on the decisions which can be made on your behalf or set out specific wishes in advance.

Perhaps you have one but are having difficulty using it or you're concerned that a relatives finances are being managed badly?

Who can help if a relative or friend has already lost mental capacity but doesn't have a power of attorney in place?

Whether you're thinking of setting up a power of attorney or want to share your views and experiences of using one we'd love to hear from you.

Presenter Paul Lewis will be joined by:

Sandra McDonald, former Public Guardian for Scotland Samantha Buckthought, Partner, Wolferstans & Panel Deputy for the Court of Protection Katie Evans, Money and Mental Health Policy Institute

Call 03700 100 444 from 1pm to 3.30pm on Wednesday 3 July (standard network charges apply) or e-mail moneybox@bbc.co.uk now.

Transcript

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0:00.0	On a winter's night in 1974, a crime took place that would obsess the nation.
0:07.0	It was an extraordinary news story.
0:09.0	The story of an aristocrat, Lord Lucan, who's said to have killed the family Nanny,
0:14.0	mistaking her for his wife, then somehow just disappeared.
0:18.0	One of the great mysteries in English criminal history. We're still looking for
0:21.7	Lucan. It's honestly one of the most powerful stories of my lifetime. I'm Alex Fontunzelman. This is
0:27.8	the Lucan Obsession. Listen on BBC Sounds. BBC Sounds, music, radio, podcasts. Hello, on this Moneybox Live podcast, we're looking at giving someone else the power to manage your money, power of attorney, because you might be really good at taking care of your finances.
0:46.9	Maybe you've got a brilliant Christmas budget, maybe you always know where to get the best returns on your savings.
0:53.3	But have you thought about who would look after
0:55.1	your affairs if you weren't able to? No, I haven't actually, no. I highly doubt anyone would step
1:01.5	up. Well, all the children would be, there's four of them. I do get reminders now and again from
1:06.7	the eldest daughter. I had a stroke, so I've given all my power of lasting attorney to
1:13.1	my brother. We've got three young professional daughters who were more than capable of sorting it.
1:20.4	Well, today, we'll take a closer look at how and when to give someone financial power of attorney,
1:26.4	which means they have the legal authority
1:28.4	to take decisions on your behalf. The documents can take a long time to be processed, and there
1:33.0	are also different rules depending on where you live, and that is probably why we get so many
1:38.5	messages about this topic into the Moneybox inbox. Now, joining me to answer all your questions
1:43.0	is Gary Reikroft, a solicitor
1:44.6	who helps clients set up and manage the legal side of LPA's lasting power of attorneys, and also
1:50.5	Sandra MacDonald, former Public Guardian for Scotland, and the author of Power of Attorney All You Need to
1:56.7	Know, Granting It, Using It or Relying on it, which Sandra sounds pretty comprehensive. Good
	...

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