Financial advice.

[Dadsworld]

How can I stop my sister getting any money from my dad when he passes.
I have just recently been made my dad's POA for his finances and health. I have just discovered that my sister has had a joint bank account for 15 year where my dad's state pension goes in. She has repeatedly taken thousands out of the account to the tune of 60 thousand pounds. My dad has got Alzheimer's and dementia. I could only go back into my dad's account 5 year so it could be a lot more than this. I don't want to get the police involved because my dad would of not done this as there is only me and my sister that are his siblings. What can I do to stop her getting any of his money that he has left

 

[Beate]

Each joint account holder has access to the entire amount so open up a bank account in your Dad's sole name then transfer all the money into it. Also get his SP rerouted of course.

 

[karaokePete]

Hello @Dadsworld, welcome to the forum.

If you need someone to talk you through this the experts on the help line are available, details as follows

National Dementia Helpline
0300 222 11 22
Our helpline advisers are here for you.
Helpline opening hours:
Monday to Wednesday 9am – 8pm
Thursday and Friday 9am – 5pm
Saturday and Sunday 10am – 4pm

 

[Dadsworld]

Am in situation where my dad has been left a substantial amount of money by his sister. Am my dad's POA because my sister has been financially abusing him for years while he was vulnerable. How do I stop my sister from receiving half the inheritance from my dad when he passes away.

 

[love.dad.but..]

Am in situation where my dad has been left a substantial amount of money by his sister. Am my dad's POA because my sister has been financially abusing him for years while he was vulnerable. How do I stop my sister from receiving half the inheritance from my dad when he passes away.

I wouldn't think you can...if his will has left equal share of his estate to you both and he no longer has mental capacity to make a new will out of his choice unless after his death you have an acceptable cause to challenge the contents of his will and that may be costly with no guarantee of success.

 

[2jays]

No idea if this is possible.....
add up all the money sibling has had, especially since diagnosis of dementia, and keep a record of it separately

When the time comes to share the money, go through a solicitor and present the list and evidence of money taken and ask for it to be taken into account when sharing the money.

I had a sibling who was generous to themselves with mums money before I took over poa. I was sorely tempted to do the above, but didn’t as the time was stressful enough with sibling as it was, and the amount of money wasn’t huge that it caused issues paying for mums care, but that’s why I suggest you start logging it now so when the time comes you can decide if you want to follow it through.

May work, may not, my thoughts it’s worth a try

 

[Beate]

Am in situation where my dad has been left a substantial amount of money by his sister. Am my dad's POA because my sister has been financially abusing him for years while he was vulnerable. How do I stop my sister from receiving half the inheritance from my dad when he passes away.

I don't think you can, but if all his money is in a joint account with your sister, this money will be automatically hers on his death. That's why I said remove the money to an account solely in his name. But you will have to adhere to the legalities of distributing his money after his death according to either his will or intestate rules.

 

[Dadsworld]

I wouldn't think you can...if his will has left equal share of his estate to you both and he no longer has mental capacity to make a new will out of his choice unless after his death you have an acceptable cause to challenge the contents of his will and that may be costly with no guarantee of success.

There is no will in place is there anything I could do

 

[Beate]

Unless you are prepared to go to the police with concrete evidence of your sister's embezzling, or want to start a huge court case, I don't see what you can do. No will doesn't mean no inheritance rules.

 

[Shedrech]

hello @Dadsworld
welcome to TP
as your dad's Attorney you can now organise his finances so that his income and savings and any other funds eg this inheritance are kept in accounts in his name only, accessible only by you as his Attorney while he lives
when he dies, his affairs will be dealt with according to inheritance law
https://www.citizensadvice.org.uk/f...t-if-there-is-no-will-the-rules-of-intestacy/
just to look at a different interpretation, it may have been that your dad was in full agreement with your sibling having access to his money - he must all those years ago have been party to setting up the joint account (not sure if your sibling has paid in funds also) - and parents can be helping out one child but not another for all sorts of reasons
the total sum you mention is large, though averages 4000 a year - if your dad only had state pension as income, he's been pretty thrifty with his money

 

[love.dad.but..]

There is no will in place is there anything I could do

The rules of intestacy will apply..which I believe would be ...if your dad has no living spouse...then his estate is divided equally between any living children and if any children are also deceased their share goes to their children if any and so on.

 

[Dadsworld]

I don't think you can, but if all his money is in a joint account with your sister, this money will be automatically hers on his death. That's why I said remove the money to an account solely in his name. But you will have to adhere to the legalities of distributing his money after his death according to either his will or intestate rules.

Thank you so much for your advice really kind of you it has giving me the way forward

 

[love.dad.but..]

You can't change what has happened in the past with your dad's finances but can now take full control with poa so at least you can ensure now that his remaining funds will be for his use and needs only.

 

[Dadsworld]

Thank you so much for your advice really kind of you it has giving me the way forward

Would I be able to open a joint account with dad even thou I have POA

 

[love.dad.but..]

It should be an account in your dad's name with you named as attorney. Dad only had accounts in his sole name so it was a simple process of taking into the bank the poa document for rhem to copy and register and the account was changed new card and chq book given to me ...don't ever post or leave the original with anyone...get 1 or 2 certified copies as standby.In terms of his existing joint account with your sister...perhaps someone else on TP can advise better than I...but my understanding is a joint account generally means any funds in the account are shared in equal amounts even if the amounts paid in are only by one party. So am not sure what that means for your dad's funds in closing that account...however wrong would your sister be entitled to keep half share under the t and c of a joint ac...you may need to speak to the bank...however you must close this ac I would say to take control as poa of your dad's funds and spending.

 

[Shedrech]

hi @Dadsworld
I don't want to throw a spanner in the works .... if your dad is still deemed to have capacity then even an Attorney can only manage his accounts with his permission and must follow his instructions ie the Attorney is supporting him in managing his own affairs and he has the right to make bad as well as good decisions
only if he is deemed no longer to have capacity to manage his financial affairs can an Attorney take over the management and restrict his access to his accounts (with dad's bank once the LPA was registeted with them, he was not able to access his accounts himself as it was then accepted by the bank that he no longer had capacity - he was by then living in a care home)

 

[love.dad.but..]

hi @Dadsworld
I don't want to throw a spanner in the works .... if your dad is still deemed to have capacity then even an Attorney can only manage his accounts with his permission and must follow his instructions ie the Attorney is supporting him in managing his own affairs and he has the right to make bad as well as good decisions
only if he is deemed no longer to have capacity to manage his financial affairs can an Attorney take over the management and restrict his access to his accounts (with dad's bank once the LPA was registeted with them, he was not able to access his accounts himself as it was then accepted by the bank that he no longer had capacity - he was by then living in a care home)

Good point Shedrech...I was perhaps wrongly assuming from the OP that her dad no longer had capacity.... as with my dad when I registered poa with the bank.

 

[Sirena]

Re Shedrech's point, I don't know if banks differ, but when I registered my LPA with my mother's bank they simply asked me to decide whether both of us, or just me, could access her accounts. She had no financial capacity by that point - her rent went unpaid and bills were overdue because she could not remember how to organise/transfer her money. However that was one of the first 'symptoms' she showed, and she was still living independently without carers. I decided she should retain access so she could withdraw cash from her local branch, but all paperwork including debit cards and cheque books were sent to my address, so I could easily have prevented her having access anyway - which I've now done as her dementia is advanced and she's in a care home. Presumably it is only an issue if the PWD objects at some part of the process.

 

[Dadsworld]

Re Shedrech's point, I don't know if banks differ, but when I registered my LPA with my mother's bank they simply asked me to decide whether both of us, or just me, could access her accounts. She had no financial capacity by that point - her rent went unpaid and bills were overdue because she could not remember how to organise/transfer her money. However that was one of the first 'symptoms' she showed, and she was still living independently without carers. I decided she should retain access so she could withdraw cash from her local branch, but all paperwork including debit cards and cheque books were sent to my address, so I could easily have prevented her having access anyway - which I've now done as her dementia is advanced and she's in a care home. Presumably it is only an issue if the PWD objects at some part of the process.

Who is the PWD please thank you for your responce

 

[Rosettastone57]

Who is the PWD please thank you for your responce

Short for person with dementia