Stories of rapacious family members milking the assets of those who entrust them with managing their affairs are regrettably very common and a recent case illustrates the risk of placing one’s financial wellbeing in the hands of someone who proves to be untrustworthy.
It involved an elderly woman who lived in a care home and her son, whom she allowed to manage her finances but had not included in her will. The son obtained a power of attorney from her in 2007 and systematically abused the trust placed in him, spending money on cars, guns and high living. His mother died in 2013.
The son plundered a total of more than £700,000 from her assets, even selling her home. He was jailed in 2015 for the theft and, after an application was made for the confiscation of criminal assets under the Proceeds of Crime Act 2002 (POCA), ordered to repay more than £560,000 on his recent release or be returned to prison for a further 40 months.
The POCA is very much a long stop and rarely are the recovered assets sufficient to fully compensate for the theft. It is far better to avoid the situation arising in the first place.
We can advise you of your options should you be having problems managing your own finances. Contact us for advice on 0207 822 4000 or email firstname.lastname@example.org