My sister, mum and I have power of attorney currently, put in place before he lost his mental competence. Does this mean that we have the power to alter his will?!
you can't alter a will but you can make medical and financial decisions.
eg: he might need permanent respite care and you all agree for him to go into a facility. you may then need to sell down some assets to help fund this ongoing care. an enduring financial POA will allow you to manage his assets in a way that is required, because he no longer has capacity himself.
but you can't alter a will with POA.
I didn't think so. Yes, we have enduring POA, but not sure how that would affect the way in which his estate is distributed.
If it's a sizeable sum then definitely go see a specialist estate lawyer. I work for a barrister specialising in wills and estates and giving advices on these kinds of matters is his bread and butter. It can be quite complex and not all lawyers understand the intricacies so it is worth seeing an expert not just your regular solicitor.
There is an organisation called STEP - for lawyers and accountants specialising in trusts and estates. If you look at their website you can find a STEP practitioner near you.
My parents have their will set up in a trust for us children. If they die we can do what we want but if in a divorce the other partner can't touch it. Same if they are declared bankrupt. They accountant set it up.
Not sure if an accountant can do that under power of attorney. It cost a bit to set it up though
Secondly, you could enter into a binding financial agreement now that the inheritance is not part of the asset pool but obviously your husband would have to agree and get legal advice basically telling him his a fool for agreeing.
There are other options. Setting the inheritance up in a trust for your children would be one. Disappearing the money would be another. Remember that it's your money and your husband is not entitled to any of it unless you were currently in the process of getting divorced. Therefore it is perfectly legal for you to take your money and spend it or invest it any way you see fit. And for the purposes of divorce, once money is gone it's gone.
ETA I just wanted to say sorry to hear about your father as well. I'm sure it's a sad time for you
Last edited by TeaM; 31-01-2016 at 19:25.
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