Lasting Power of Attorney

[MaddieJ]

I have LPAs in place already in respect of my husband (both welfare and finance). He is currently going through the process of being diagnosed with Alzheimer's or Dementia at age 67 (after over a year of trying to get him to go to a doctor). I am convinced he will get this diagnosis in time - currently awaiting a call up from local memory clinic and then other tests. However I am not sure how to use the LPA in respect of finance and banking. He has problems with banking and ATMs. He is unable to appreciate the value of his assets when I tell him. He has problems with notes and has offered a £20 note together with a £10 note making £30 for a drink costing £3.50. Luckily the bar staff were able to let me know so that in future I can watch out for him. I do all banking for us both on line but I am not sure whether I need to present the LPA to the banks. Am I correct in just sitting next to him dealing with things with his approval? He says yes to everything without comprehending what I have asked him to agree to. How do I go about doing things right?

I read somewhere that is best to have individual accounts rather than joint in situations like ours but not sure if that is right. We have been to Solicitors to ensure our wills are OK, which they are, but they advised I go to a Financial Advisor for my other questions. All well but they are expensive and I wonder if their are other avenues I can explore.

Does anyone have any answers please?

 

[Shedrech]

hi @MaddieJ
if your LPAs have been registered with the OPG, then personally I would hold back on showing them to the bank right now, the finance & property one gives you authority to act to support your husband and if that's working well at the moment, go with that
maybe, over time, split your finances so that you maybe have your own account with your own income paid into that - just be aware that should a financial assessment be carried out at some point it is on your husband's finances only and half any joint assets/saving - but not the marital home - so there's no need to panic

 

[jenniferpa]

Are the lpas registered? Because you can't use them until they are. Assuming they are and you've registered them with the bank, it perfectly ok if he sits next to you in the bank when you are dealing with his affairs, and it's also ok if he doesn't.

As the dementia progresses you'll probably find it less stressful for him if you don't consult him. At least, you need to act in his best interests but you don't need to worry him with the details.

You're being advised to have separate accounts, I suspect, because 1) if the bank got a wiff of loss of capacity without a registered notified lpa they could freeze the account which wouldn't be good for you and/or 2) when it comes to costs related to his diagnosis, all of them should come from his assets.

 

[Philbo]

Before my wife was diagnosed with dementia, during the year it took to get her to see our GP, referral to the memory clinic etc, a friend suggested getting LPAs in place (they had cared for a loved one with dementia, so had first-hand experience).

I was able to get these in place so as my wife's capabilities diminished, I was able to start the process as others have posted previously. To be fair, I have always done the finances and my wife was used to me doing so. But as the banks etc, got more stringent with "security" (no longer simply asking my wife "are you happy for your husband to deal with this for you?"), there came a point where I had to use the LPA more and more.

So whereas we had a couple of current accounts in joint names (maximising interest, as much as is possible these days), I made one of these in my name only. The other is still joint, which both our state pensions are paid into, along with her attendance allowance. I've jiggled the direct debits around so that things like her weekly day care visit costs, activity morning etc, all come out of the joint account. I also keep a record of any expenses (since she was diagnosed) incurred, such as incontinence pants (before the NHS started supplying), clothes etc, so that I can demonstrate a level of transparency, as and when we have to go through a financial assessment with the LA.

 

[marionq]

All good advice. When we had a financial assessment done before John went into respite I was glad I had taken advice to tidy up our financial assets. I have kept our joint account into which his pension and AA is paid and the direct debits out of this are those which directly affect him. The assessor then had information relating to John easily available and my affairs were none of her business.

I opened a separate account for myself years ago into which my pensions are paid and from which my direct debits such as my mobile phone and wifi for our home, and my main shopping account are paid out. I have online banking so can keep a check on what is going in or out. I have never been asked to take the POA to the bank and will carry on as we are which works well, until the bank asks me to register it with them. We've been with our bank fifty years so I would not expect them to fuss unduly.