Money Box Live: Power of Attorney
Money Box
BBC
4.2 • 825 Ratings
🗓️ 27 December 2023
⏱️ 28 minutes
🧾️ Download transcript
Summary
This week on Money Box Live we're talking about Power of Attorney. What it means, who needs one and some of the pros and pitfalls.
Presenter and Strictly Come Dancing star, Angela Rippon shares her experiences with the programme and Felicity Hannah is joined by a panel of experts to answer your comments and questions.
Solicitor Gary Rycroft helps clients set up and manage the legal side of Power of Attorneys and Sandra McDonald is former Public Guardian for Scotland and author of 'Power of Attorney: All you need to know: granting, it, using it or relying on it.'
Presenter: Felicity Hannah Reporter: Luke Smithurst Producer: Sarah Rogers Editor: Jess Quayle
(This programme was first broadcast on BBC Radio 4 on Wednesday the 29th of November at 3pm).
Transcript
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| 0:00.0 | BBC Sounds, Music, Radio, podcasts. |
| 0:04.7 | 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. |
| 0:15.2 | Maybe you've got a brilliant Christmas budget, maybe you always know where to get the best returns on your savings. |
| 0:21.5 | But have you thought about who would look after your affairs if you weren't able to? |
| 0:25.9 | No, I haven't actually, no. |
| 0:28.1 | Highly doubted anyone would step up. |
| 0:30.7 | Well, all the children would be, there's four of them. |
| 0:33.3 | I do get reminders now and again from the eldest daughter. |
| 0:36.4 | I had a stroke, so I've given all my power of lasting attorney to my brother. |
| 0:43.0 | We've got three young professional daughters who are more than capable of sorting it. |
| 0:48.7 | Well, today we'll take a closer look at how and when to give someone financial power of attorney, which means they |
| 0:55.6 | have the legal authority to take decisions on your behalf. The documents can take a long time to be |
| 1:00.5 | processed and there are also different rules depending on where you live and that is probably why |
| 1:05.5 | we get so many messages about this topic into the Moneybox inbox. Now joining me to answer all your questions is Gary Rycroft, a solicitor who helps clients |
| 1:14.1 | set up and manage the legal side of LPA's lasting power of attorneys, and also Sandra |
| 1:19.2 | McDonald, former Public Guardian for Scotland and the author of Power of Attorney All You Need |
| 1:24.9 | to Know, Granting It, Using, using it or relying on it, which |
| 1:27.5 | Sandra sounds pretty comprehensive. Good afternoon. Thank you. Good afternoon. And we're hoping to |
| 1:33.0 | get in half an hour what's in the whole book. Quite the challenge. Gary, let's start with you. |
| 1:38.7 | Just briefly explain what lasting power of attorney entails. Because we should say there are |
| 1:44.0 | two main types. Here in England and Wales, there are two types of lasting power of attorney entails. Because we should say there are two main types. |
| 1:45.9 | Here in England and Wales, there are two types of lasting power of attorney, LPA, |
... |
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