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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11135
Experience:  30 years as a practising solicitor.
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POWER OF ATTORNEY FOR MY UINLCES ESTATE WITH MY SISTER AND

Resolved Question:

I AM A POWER OF ATTORNEY FOR MY UINLCES ESTATE WITH MY SISTER AND MOTHER, HE HAD NO CHILDREN.
I AM A RETIRED FINANCIAL ADVISER, WE NOW NEED A FINANCIAL ADVISER TO LOOK AFTYER MY UNCLE'S £200,000 ESTATE TO CREATE AN INCOME TO PAY HIS CARE FEE'S WITHOUT THE CAPITAL BEING TOO MUCH DEPLETED, BUT WITH THE WORK INVOLVED THEY CHARGE £150 PER HOUR AS THE PORTFOLIO NEEDS TO BE CONSTANTLY MAINTAINED.
CAN I DO THE WORK INVOLVED (mainly investment management work)MYSELF ALTHOUGH THIS WOULD IMPINGE ON MY RETIREMENT AND TAKE TIME HOURS AND CHARGE HALF THE RATE THAT A WORKING PROFESSIONAL ADVIXSER WOULD CHARGE?
Submitted: 11 months ago.
Category: Law
Expert:  JGM replied 11 months ago.

There's no reason why not if your uncle could have done it himself assuming the ability and know how. You would be acting under the power of attorney and not as a financial adviser, however. You can't do that without the usual registrations as you know. But you can act as an individual under the POA. Happy to discuss further. I hope that helps. Please leave a positive rating so that I am credited for my time.

Customer: replied 11 months ago.
The Power of Attorney has been registered at the Court of Protection and my mother and sister are agreed that we should avoid an expensive Financial Adviser when doing the same work was part of my job before retirement although to do the job properly requires time skill and care.
My Uncle couldn't have done the work himself as he was a carpenter. Active Investment Analysis and Management is required in order to get the desired returns to pay for his care which costs up to £3000 per month. He now has severe dementia.What would you say is a fair rate and should I get a form signed by the other Attorneys.Many thanks
Expert:  JGM replied 11 months ago.

I don't mean that your uncle would have been able to do the work. I meant that if he could legally do the work then you can do it as his attorney. You can only get paid if your uncle would have paid you were he able to make that decision for himself. A family attorney is not normally entitled to be paid otherwise. However, as you were a qualified advisor you would perhaps be entitled to be paid at the rate you mention but you certainly need to get written permission signed by the other attorneys.

Customer: replied 11 months ago.
The main problem is to hire a Financial Adviser would cost and we want to avoid this, but if I do it I can do it for a fraction of the cost but to do it right would take a few hours . I am aware that usually family attorney's are not paid, but it seems unfair for me to spend the hours necessary (because that was my occupation) unpaid and in order to do the job a few hours per week would be needed, the main advantage being that the estate value would be protected from quick erosion by ever increasing care costs's. But I want to do things right and could always get a form signed by the other attorneys as previously mentioned.
Expert:  JGM replied 11 months ago.

I think your approach is fair and I wouldn't envisage any difficulty if everyone agrees.

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