A question is raised about whether someone with power of attorney can remove and replace the accountant and financial adviser for a vulnerable elderly person. The scenario described involves a family friend who has dementia and who holds joint power of attorney with the requester. The friend already has an accountant and a financial adviser, but the requester says neither is performing adequately. The article frames the issue around the responsibilities that come with acting under a power of attorney, particularly when managing the person’s finances and making decisions in their best interests. It asks, in practical terms, whether the power of attorney holder is able to terminate existing professional arrangements and appoint new professionals. The coverage emphasizes the need to act properly within the authority granted by the power of attorney and to consider how decisions should be made for someone who may lack capacity. It also reflects that there can be procedural and legal considerations when changing financial advisers for a vulnerable individual.
Power of attorney holder asks if they can replace a vulnerable friend’s financial advisers
A question is raised about whether someone with power of attorney can remove and replace the accountant and financial adviser for a vulnerable elderly person. The scenario described involves a family...
- The requester holds joint power of attorney for a friend with dementia.
- The friend already has an accountant and a financial adviser.
- The requester says both advisers are not working satisfactorily.
- The question is whether a power of attorney holder can replace existing financial professionals.
- The issue concerns how authority and responsibilities are applied when managing a vulnerable person’s finances.
I hold joint power of attorney for a family friend with dementia. She already had an accountant and financial adviser she's known for years. The trouble is neither is any good.
8 hours agoI hold joint power of attorney for a family friend with dementia. She already had an accountant and financial adviser she's known for years. The trouble is neither is any good.
8 hours ago
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