Transfer my fathers shares through power of attorney

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Adoring

Member
8 January 2022
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Hello,
my father is 97 and not of sound mind therefore my sisters and I have power of attorney. We want to transfer his shares into our names ( 3 sisters so 3 names). how do I do this. Do I need a solicitor or can I go to a share company. Please note that he has shares in multiple companies and we don’t have an accurate record of all the shares.
 

Adoring

Member
8 January 2022
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1
We want to do this before he goes into a nursing home. Also it’s better to do now before he dies so hopefully it’s a quicker process. They are left to us in the will so we are not doing anything that is not right.
 

Atticus

Well-Known Member
6 February 2019
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I ask because whilst a power of attorney gives you authority (by your father) to act on his behalf with regards assets & finances , you are only to do so if whatever you are doing is in his best interests.... You can get into serious trouble if you just simply use his assets & finances for your own purposes.... After your father passes and the shares become part of his estate, then as beneficiaries it's yours to do as you wish after it's distributed, not before.

As POA, you should be able to deal with his shares without moving them into your name. Why should they need to be moved prior to him going into a nursing home?
 

Tim W

Lawyer
LawTap Verified
28 April 2014
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Sydney
Why do you need to move his shares?
Usually, people who ask this sort of question are conspiring to steal the asset(s).
They just try very hard to lie to themselves and not use those words.

Sometimes, the idea is to evade disclosing some part of his assets and income,
and sometimes, it can be to ensure their value does not get consumed by the costs of his care.

Let's call it what it is - breach of fiduciary, stealing, and elder abuse.
 

jmacd

Member
16 August 2021
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1
4
Hello,
my father is 97 and not of sound mind therefore my sisters and I have power of attorney. We want to transfer his shares into our names ( 3 sisters so 3 names). how do I do this. Do I need a solicitor or can I go to a share company. Please note that he has shares in multiple companies and we don’t have an accurate record of all the shares.
Please talk to an accountant before you go ahead with this as you would be triggering capital gains tax for your father by transferring the shares before his death. If you wait until afterwards the tax consequences will be deferred until the beneficiaries dispose of the shares in the future. Tax treatment also depends on when he bought the shares, so its not a simple answer.
 
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Adoring

Member
8 January 2022
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Please talk to an accountant before you go ahead with this as you would be triggering capital gains tax for your father by transferring the shares before his death. If you wait until afterwards the tax consequences will be deferred until the beneficiaries dispose of the shares in the future. Tax treatment also depends on when he bought the shares, so its not a simple answer.
Thank you for A sensible answer that is not presuming wrongdoing
 

Tim W

Lawyer
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28 April 2014
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Thank you for A sensible answer that is not presuming wrongdoing
Perhaps you can explain what part of what you propose is not a breach of your duty to act, as holder of his Power Of Attorney, in the interests of your father?