25th April 2018

Prudential: Power of Attorney and the foreign element

The world is getting smaller, there is more and more movement of people between countries than ever before. So what happens when you have an elderly person who has a power of attorney in place which was not set up in the UK. Helen O’Hagan, Technical Manager at Prudential explores.

What is a Power of Attorney?

A Power of Attorney (POA) is a legal process whereby an individual appoints family or friends to manage their money, property and sometimes their welfare. It is commonly used by elderly individuals to enable someone to step in when they are  unable to either due to illness, old age or just because they feel unable to manage their affairs. The person they appoint is called their “attorney” and this should be someone they completely trust as at some point they will be managing the individual’s whole estate. For example - cash, investments, property etc.

When should a Power of Attorney be set up?

An individual must have capacity to make their own decisions when they set up a Power of Attorney so it’s a good idea to get one well before you actually need it. If an individual suddenly takes ill or has a stroke for example their affairs will be taken care of by someone they trust.

Read the full article here.

Tax, Trust & ISA, Technical