U.K.: Elderly Finances Hijacked By The Government

LONDON, England (FinancialAdvice), June 6, 2008: While the government brought in an array of laws and regulations to ‘simplify’ the task of handing over control of the financial affairs of those who move into full time nursing homes or face prolonged medical treatment, they do not seem to be working. The so called Office of the Public Guardian (OPG) was set-up to ensure that the vital process of granting power of attorney over the affairs of the elderly could be completed swiftly and smoothly, but there are concerns. More and more families have complained about the time taken to complete the process and the fact that as bank accounts are often frozen, relatives and friends have often been forced to cover costs and bills in the meantime. This is placing undue pressure on family and friends at a time of great worry and financial strain in the UK. The OPG was set up to carry out a number of changes introduced by the Mental Capacity Act, even though there appeared to be a perfectly acceptable system in place prior to the Act. Many are concerned that this extra government involvement is just a way of ensuring that inheritance tax and other costs are not lost by the state in the event of the death of an elderly relative. © 2007-2008 FinancialAdvice.co.uk