Banking queries

[Bod]

This situation may be occurring with my ex-FiL.
My Daughter is applying for POA for her Grandfather.
Daughter's mother, may be taking financial" advantage" of her father.
When the POA comes through, my daughter will have to register this with FiL's bank.
What happens if his bank account is joint with D's mother? ( or 3rd party access?)
How does POA work with joint bank accounts, when the POA is only 1 party to the account?

Thanks
Bod
(Who is persona non grata with the ex)

 

[Jessbow]

The donnor should have capasity, presumably he knows the score. she needs to ask him

 

[Bod]

The doner has capacity, it's the fallout from the mother, we are trying to minimise, by knowing how the system should work.
There may have been underhanded dealing, as recent bank statements and cards are missing.

Bod.

 

[nitram]

Does the power allow use by the attorney whilst donor has capacity if donor consents?

 

[Bod]

I believe it's the first option that has been ticked.

Bod

 

[Yankeeabroad]

Hi @Bod, I only have experience of this in the US. Over there your daughter is acting as your ex FIL, so should have the same access and rights as your ex FIL. I’m not sure if her mom will be informed but they don’t inform in most cases in the US. You should be able to ask the bank their policy.

Once the PLA is processed and accepted (which can take some months) your daughter should be able to access all info without problems. And as long as no joint signatures are required, she should be able to move money in and out. I’m not sure about credit cards as all of ours (in the UK and the US) are set up with one main cardholder that has responsibility for all actions on the account (gives authority for the secondary card holder).

 

[nitram]

How does POA work with joint bank accounts, when the POA is only 1 party to the account?

In my opinion if the donor has lost capacity the attorney should take steps to separate finances, new donor sole account to receive pension, splitting of joint account etc in preparation for any LA financial assessment.

If the donor has limited capacity the attorney could discuss the matter with them although this could bring accusations of undue pressure being applied.