P.O.A needs to sell uncles house
Discussion
hi all, sorry for another POA thread, have done an exhaustive search but cant find anything. I am POA over my uncles affairs, financial and health, now he has dementia and is in a home I have to sell his house and car.
Question 1 - referring to his car, how do I complete the V5 when sold.
Question 2 - this is the main answer I am looking for, have had a few estate agents around to value house, circa £200k, but one of them has said something to me that I dont understand and cant find any info on, even if it is all possible. She said that I dont have to put all of the £200k into the bank to pay his home fees, but am allowed to "keep an amount back" for myself. Not that I would anyway.
Is this right, what is this called so I can find some more info on it, or if indeed she is right in the first place ?...........thanks in advance.
Question 1 - referring to his car, how do I complete the V5 when sold.
Question 2 - this is the main answer I am looking for, have had a few estate agents around to value house, circa £200k, but one of them has said something to me that I dont understand and cant find any info on, even if it is all possible. She said that I dont have to put all of the £200k into the bank to pay his home fees, but am allowed to "keep an amount back" for myself. Not that I would anyway.
Is this right, what is this called so I can find some more info on it, or if indeed she is right in the first place ?...........thanks in advance.
Is it to do with deprivation of assets and paying care home fees? There are as I understand it ways to structure the sale of a property to reduce your exposure to paying these fees and claiming more from the taxpayer.
My personal preference (and it sounds like yours too) would be to chip in the extra for a decent quality home rather than focusing on the inheritance.
My personal preference (and it sounds like yours too) would be to chip in the extra for a decent quality home rather than focusing on the inheritance.
Would you normally take legal advice from an estate agent?
Covering reasonable expenses incurred by you is one thing, but why would you want to use it as an opportunity to skim-off some of the proceeds ?
I’m not questioning your own integrity, just the advice you have been given.
If it’s not in respect of expenses incurred, then perhaps it would be deemed a gift and if so you may need permission from the Court of Protection.
Take proper legal advice.
Covering reasonable expenses incurred by you is one thing, but why would you want to use it as an opportunity to skim-off some of the proceeds ?
I’m not questioning your own integrity, just the advice you have been given.
If it’s not in respect of expenses incurred, then perhaps it would be deemed a gift and if so you may need permission from the Court of Protection.
Take proper legal advice.
You should be able to cover your expenses as long as you have receipts etc. Siphoning off any more money would be classed as deprivation of assets if an assessment were to take place to pay for future care home costs.
I've just sold my mothers house using POA, the estate agent did not bat an eyelid and the solicitor handling the sale took a copy of the POA.
Just need to invest the money somewhere safe to cover the care home fees for as long as possible.
I've just sold my mothers house using POA, the estate agent did not bat an eyelid and the solicitor handling the sale took a copy of the POA.
Just need to invest the money somewhere safe to cover the care home fees for as long as possible.
Gassing Station | Finance | Top of Page | What's New | My Stuff