Is there anywhere a template spreadsheet or something to advise on keeping records of funds spent while acting as power of attorney? I understand about keeping receipts for everything but is there any advice on the best way of proving a money trail?
Hi Nikki.
Several when doing an internet search … POWER OF ATTORNEY RECORD KEEPING TEMPLATES … just one for your perusal :
Brownstone Law | Appeals Attorneys San Antonio Texas
Many more available … results of said search :
Snippet from the Government site on PoAs :
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Records and expenses
Keep a record of:
important decisions you make and when, for example selling the donor’s home or agreeing to medical treatment
the donor’s assets, income and how you spend their money - if you’re their finance and property affairs attorney
Include details of who you asked for advice and any disagreements.
Don’t include small, everyday decisions.
Expenses
You can only claim expenses for things you must do to carry out your role as an attorney, for example:
hiring a professional to do things like fill in the donor’s tax return
travel costs
stationery
postage
phone calls
Lasting power of attorney: acting as an attorney: Records and expenses - GOV.UK
I ran a small business for 20 years, not computerised records. HMRC did a spot check and complimented me on my record keeping!!
Start by getting a “spike” on which to put all the receipts for the month. My husband used a 4" nail in a 4" square piece of wood, but you can buy spikes.
At the end of every month, arm yourself with a felt tip.
Write on each receipt the date, large enough so you can see it easily!
Put the receipts in date order.
Write them down on a piece of paper.
I don’t know exactly how the annual return has to be made, if you need to keep all fuel payments in a column, for example, just add a few columns across the page.
If done properly, the columns should add up horizontally and vertically.
If you do them this way, you won’t lose the receipts. After you’ve written them all up, neaten them into a pile, staple them together, then staple the pile to the money records sheet, and put it in a ring binder popper wallet, then in a ring binder. All done!
At teh end of every year, add up spending for each month.
Nikki
Sadly I had to go down the road of court of protection for my husband. They sent me a template don’t know how described it. I was able to add to it as I went along. I wonder if POA have similar if you ask them?
Thank you for your advice.
I have already started keeping receipts and writing on the back of them - not that I’ve had to do it much. Most of her bills are paid direct debit thank goodness so that continues as is. I want to be ‘whiter than white’ to safeguard myself as much as Mum.
Nikki, that’s very sensible.
Do you have a debit card for mum’s account? It’s really useful because then you have a basic record in date order
I am appointee for my son, who has learning difficulties. I use the card whenever I can. If it’s very few other purchases, you can just make a note on the statement of what you bought.
With LPA, there is significant trust put on the attorney as you have been appointed by the donor whilst they had mental capacity to do so - so there is not the same requirement to be accountable as with CoP Deputyship; the assumption is that you are working in the best interest of the donor. So there isn’t an equivalent record sheet to the CoP one for LPA. If you’re registered as an attorney on the donor’s bank account rather than using your own money and then claiming it back that should be all the proof you need other than for substantial financial transactions. If you’re getting into detailed record keeping you might actually be burdening yourself with something you don’t need to do.
I had my husband’s best interests at heart at all times…Was just a thought that the template used would be used for personal use, not to send to the office of public guardian.
Gosh Pet - I wouldn’t want you to think I was implying those who had to go through CoP had anything other than their loved one’s best interests at heart, just that they are subject to a much greater level of scrutiny - which is both a strength and weakness of the LPA.
So if I go shopping and spend lets say £90.00 on food for Mum to top up the cupboard, does that mean I need to keep the receipt? I live in an extremely small house. No idea where I could put receipts. Finding place of laundry and clothing is difficult enough!
Yes you do.
See BBs good advise re a simple spike above
A few minutes organisation once a month saves days and weeks of hassle if later you are ever accused of financial abuse or deprivation of assets