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Managing Partners Column: Power of attorney or power of anguish?

By February 18, 2015January 29th, 2021Firm news

Recently we have been asked to present at a couple of seminars all around the subject of financial management of vulnerable adults. We trained a group of social workers at Wigan MBC on how financial affairs can be managed on their clients behalf if they are not able to make decisions for themselves and at a separate event we spoke to the Legal departments of around 10 North West Local Authorities about how to identify vulnerable adults and how to use the law to protect them. There is also a new Care Act that comes into effect in April 2015 and whilst some parts are still subject to public consultation (until March 2015) we know it will have a profound effect on how care provision is delivered in England.

Of late I have been asked to advise on some difficult cases where on one occasion the power of attorney invested all of the client’s money into the family business and has now lost all of the money that was set aside to pay for the client’s future care. On other occasions families have fallen out when they perceive the appointed sibling to be taking advantage of their position and using the money as an advance on their inheritance.

After witnessing unpleasant and often avoidable anguish I urge you to ask yourselves these questions before either appointing an attorney or accepting the position:

  • Will your choice cause conflict within your family or amongst siblings?
  • Are there any financial strains that could influence judgement?
  • Can he or she manage the affairs without personal prejudice?
  • Will he or she sensibly spend your money on items that will benefit you without squandering it on detrimental financial decisions?

Through making an informed decision now this could ensure you are cared for should there come a time when you lack the mental capacity to do so yourself.

Within our newsletter Christie Johnson has written a newsletter that is unfortunately topical at this time. Fraudsters using a telephone scam can now take your money directly from your bank. This scam is known as ‘number spoofing’.

Our Employment Partner Russell Brown continues to hold his ever popular and very informative seminars throughout the year to current and new clients. Both Macmillan Davies, (who specialise in finding new people for the world of Human Resources (HR)) and CII( the world’s leading professional organisation for insurance and financial services) are benefiting from Russell’s specialist seminars highlighting the importance of a “Social media policy” and how the much anticipated “shared parental leave” policies effect your staff and your business. For more information on our forthcoming events please see our “Events” section on our website or alternatively CLICK HERE

Finally, if you have any questions regarding any content in our newsletter please do not hesitate to get in touch.

Nick Johnson

Author Nick Johnson

Nick is the managing partner here at Glaisyers. Nick promotes a philosophy where all who work for the firm go the extra mile and are open, honest, caring and down-to-earth. Nick is also head of the commercial litigation team.

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