I can see trouble ahead
Discussion
A family member required P.O.A recently this has been split between parties, although I haven't done anything with it myself entrusting other parties ( although now thinking I could do just to view state of accounts etc)
With state they are in its not likely they will last terribly long sadly.
Their live in partner ( no relation to me) for decades.
I believe always had separate accounts, and never married. Have always been amicable with them to date but without the family member in the picture they have started to get quite snooty.
Many purchases were done on small and possibly valuable items by my family member such as ebay that shouldn't directly involve the other half. I even went on journeys involved some of items myself, where the family member paid on card.
Some may have been gifts from this party I recognise and may want to lay claim to them, I wouldn't dispute.
However I was told today by them stating they bought "all" or most the stuff together between them, also its up to them as executor what they choose to do...and quite defensive about the matter ! This is a bit alarmist.
I was given a heads up by my "real" mother on this situation lately.
I don't have full info on will yet but told it doesn't nominate any specific party in regard to items at least.
On the law side looking into the rules I'm seeing this quite differently and anyone putting themselves have a responsibility to be "fair" and not just reward themselves or could be on quite dodgy legal ground?
I'm not looking to be a miser money chaser just think they should be totally fair and equal about it with all parties, on any assets and values? There is some items of sentimentality that I grew up with them for instance like musical instrument nothing special but means something to me. Sounds more like they are gearing towards wanting to do whatever they like.....
With state they are in its not likely they will last terribly long sadly.
Their live in partner ( no relation to me) for decades.
I believe always had separate accounts, and never married. Have always been amicable with them to date but without the family member in the picture they have started to get quite snooty.
Many purchases were done on small and possibly valuable items by my family member such as ebay that shouldn't directly involve the other half. I even went on journeys involved some of items myself, where the family member paid on card.
Some may have been gifts from this party I recognise and may want to lay claim to them, I wouldn't dispute.
However I was told today by them stating they bought "all" or most the stuff together between them, also its up to them as executor what they choose to do...and quite defensive about the matter ! This is a bit alarmist.
I was given a heads up by my "real" mother on this situation lately.
I don't have full info on will yet but told it doesn't nominate any specific party in regard to items at least.
On the law side looking into the rules I'm seeing this quite differently and anyone putting themselves have a responsibility to be "fair" and not just reward themselves or could be on quite dodgy legal ground?
I'm not looking to be a miser money chaser just think they should be totally fair and equal about it with all parties, on any assets and values? There is some items of sentimentality that I grew up with them for instance like musical instrument nothing special but means something to me. Sounds more like they are gearing towards wanting to do whatever they like.....
I'm not sure I understand all of this post. Am I right in thinking that you are named in a financial PoA as one of several Attorneys ? My understanding is that Attorneys can only operate in the interests of the grantor/principal, not in their own interests. The PoA is extinguished when the Principal dies, and it is only on death that a will comes into force and any executor(s) have a role to play - and they then are able to dispose of the estate in accordance with any will (subject of course to any taxes due).
Yep I understand that. My only interest of POA would be seeing what we are dealing with up to the point and what goes missing/ any funny business only.
I read the executor can be beneficiary to themselves but has to be seen to be fair, just what I was told seemed to be at odds with that and might need to be something to watch out for
I read the executor can be beneficiary to themselves but has to be seen to be fair, just what I was told seemed to be at odds with that and might need to be something to watch out for
you need to separate the issues at hand as they are not joined in any way.
POA Attorney - as above, needs to act in the best interests (if you are a named attorney on the POA then you should be able to request access to the accounts).
Executor - The POA ends upon death. The executor MUST carry out the instructions laid out in the will (as well as sorting out all the finances/paying IHT/distributing funds. The executor can ALSO be a beneficiary. There is no concept of the executor being “fair” as all they are doing is carrying out the administrative duties specified in the will.
Good luck! (And sorry that things have got to this stage)
Jim
POA Attorney - as above, needs to act in the best interests (if you are a named attorney on the POA then you should be able to request access to the accounts).
Executor - The POA ends upon death. The executor MUST carry out the instructions laid out in the will (as well as sorting out all the finances/paying IHT/distributing funds. The executor can ALSO be a beneficiary. There is no concept of the executor being “fair” as all they are doing is carrying out the administrative duties specified in the will.
Good luck! (And sorry that things have got to this stage)
Jim
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