SEX, DEATH AND MONEY
Updated: Jan 10, 2022
We're getting much better about talking about sex. But death and money - well, they're still off limits, so far as many of us are concerned. Death is too scary to contemplate, let alone talk about. Money simply too revealing.
But talking to our loved ones about money and how they manage it, is essential if we are to make sure they continue to thrive. If for some reason they become less able to look after their affairs, it may well fall to us to keep things on the straight and narrow.
A financial Lasting Power of Attorney in England and Wales is a legal arrangement by which your loved one says "if I can't look after my money, my son/daughter can, on my behalf."
It can obviously be a fraught conversation . But it doesn't have to be. For instance my parents approached me about arranging one. And we got a local lawyer to draw one up, pretty speedily.
But as with all things legal, you've got to make sure you take your time and get it done properly. Don't cut corners.
I've come across a terriifc article by the excellent Sarah Pennels - which sets out the picture pretty clearly.
In it she sets out how a financial Lasting Power of Attorney works and how you go about arranging one. There's another Power or Attorney that deals with health and welfare decisions, if your loved one becomes unable to make those decisions. We'll look at that separately.
In the meantime - here's the link to a very useful article.