Hi, My name is Brooke and in this video I’m going to talk about acting with power of attorney and how that affects insuring an unoccupied property.
Taking over the management of property and assets from a family member usually happens in two different ways depending on the circumstance. They are with the power of attorney or as an executive trustee.
Power of Attorney
The Power of Attorney is authority given to make decisions regarding someone’s money or assets while they are still living.
It is usually given when the owner may no longer be capable of making decisions for themselves or [if they] no longer wish to.
Lasting power of attorney can be granted with an LPA form which can be downloaded online. Some people wish to gain legal advice when granting power of attorney but it is not necessary for the document to be legal. Power of Attorney ends if the donor cancels the agreement or if they pass away.
Executive trustees - also known as executers - are left responsible when the owner has already passed.
In this case, you may be managing assets on the donor’s behalf during the sale or break up of assets or [if you are] holding them for children or young benefactors [until they] become of age.
A trustee is usually named and have their tasks detailed in the donor’s final will.
Unoccupied Home Insurance
As an attorney or executor, you may need to source unoccupied property insurance during the time before a sale or whilst the owner is in care. Often standard home insurance policies won’t be able to continue cover if the property is unoccupied or alternatively they will restrict the cover whilst there is no one living there.
One of our advisors would be happy to discuss your requirements or alternatively just search for unoccupied home insurance on our website to browse the videos and guides on this topic.