Finances please help me?

Discussion in 'I care for a person with dementia' started by Jane898, Jul 12, 2015.

  1. Jane898

    Jane898 Registered User

    Mar 28, 2015
    12
    Hello I was wondering if anyone can help me with this problem? My mum has dementia although she has yet to be diagnosed ( she is currently going through assessments to establish this) I would like some advice on what to do in regards to her finances. My dad has suggested that all bank accounts in their names should now go on my name. My dad is 90 my mum is in her late seventies, I have to face up to the grim reality of this situation before it is too late. I have explained the situation to my parents and they both agree that this is a good idea.
    I would be grateful for any advice

    Thank you


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  2. jenniferpa

    jenniferpa Volunteer Moderator

    Jun 27, 2006
    39,419
    If your father means add you as a signatory to their account or give you a third party mandate, maybe (although both of those options can mean that if one party has dementia the account may be frozen). If on the other hand he intends to actually transfer those accounts and the money into them into your name, I think it's an extremely bad idea.

    What you do need to do is try to get both of them to set up lasting powers of attorney for both health and finances. This will allow you legally to manage their finances for them should they so wish it or should it be necessary and also protect you and them from any suggestions that you are attempting to hide assets in order to avoid care payments.
     
  3. sah

    sah Registered User

    Apr 20, 2009
    332
    Dorset
    Hi Jane898

    Others will probably be able to advise you better-but I would be very careful with this-it could be seen as avoidance by SS etc.
    Best to get parents to grant you LPA so that you can run their finances for them when/if needed - but putting their money in your name is dangerous and could have all sorts of implications such as accusations of misappropriation/your being taxed on their money etc...
    I would suggest you contact either the local AD society or Citizens Advice- but LPA is vital if you haven't already got it.
    I expect others will come along with better information-but do take advice.
    Good luck!
     
  4. nitram

    nitram Registered User

    Apr 6, 2011
    18,391
    Male
    North Manchester
    If you mum has to go into residential care and you have emptied any accounts in her sole or joint name and you decide to ask the LA for financial help they will look at deprivation of assets, if you intend to self fund this does not arise.

    If your mum has lost capacity and looking at http://forum.alzheimers.org.uk/show...oing-missing&p=1078666&viewfull=1#post1078666 it looks as if she may well have who is legally going to authorise the transfer of her funds.

    A better solution would be to divide all funds into his and hers and, assuming mum has sufficient capacity, get them to both give you LPA, this would not only allow you to handle their finances but also talk to utility providers and insurers on their behalf.
     
  5. Bod

    Bod Registered User

    Aug 30, 2013
    1,111
    Yes agree you must get LPAs in place sooner rather than later.
    Get their GP to be the "Certificate Provider" before any diagnosis.
    The forms are quite simple if taken one question at a time. You do not need a solicitor.

    Bod
     
  6. Sianey

    Sianey Registered User

    Mar 23, 2015
    103
    Yorkshire
    Hi,

    My Mam has lost capacity and for me to be able to use her bank account to set up d debits to the care home and to use a cheque book I had to go to the bank with original LPA. I thought I would just then be able to set things up etc but had to have everything put into my name. It meant new bank cards in my name and cheque book. They haven't come through yet that was two weeks ago. I was told by HSBC it takes up to six weeks to set up and be able to use the new card.

    It's amazing just how much you do need a LPA to do anything.

    Sianey x
     
  7. Jane898

    Jane898 Registered User

    Mar 28, 2015
    12
    Hello everyone, thank you for your help I will keep you updated


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  8. Jackietay1956

    Jackietay1956 Registered User

    Jul 13, 2015
    2
    Essex
    My mother has dementia although she has not got a formal diagnosis yet

    My youngest brother and his wife decided to move in to care for our mother after she fell and broke her hip, everything seemed ok at the time but I have now found out that he and his wife have been using her debit card to pay for shopping and various other items. He has no poa or lpa, am I correct in thinking that this is illegal he has no deputyship or signatory powers to act on her behalf, my question is what do I need to do now to protect her finances.
     
  9. Jackietay1956

    Jackietay1956 Registered User

    Jul 13, 2015
    2
    Essex
    certificate provider

    what is the certificate provider ?
     
  10. Beate

    Beate Registered User

    May 21, 2014
    11,499
    Female
    London
    The certificate provider has to be someone who has known the donor for at least two years. It can be a GP though most don't want to do it or might charge, or a friend or neighbour who knows the donor reasonably well. They have to make sure the donor isn't signing under pressure or doesn't understand what s/he's signing.

    If you think someone's defrauding your Mum, call the police.
     
  11. nitram

    nitram Registered User

    Apr 6, 2011
    18,391
    Male
    North Manchester
    "...what is the certificate provider ?"

    The person who certifies that the donor of an LPA understands the full implications of the power and is not being coerced into granting the power.

    Have a read of >>>THIS<<<
     
  12. Sianey

    Sianey Registered User

    Mar 23, 2015
    103
    Yorkshire
    Hi,

    Does anyone in your family have a power of attorney?

    Do you mean for their own usage, the shopping?

    If so, how awful. I keep any receipts and put them with the bank statement to show my siblings. It's usually only treats and a few clothes for Mam I spend but I feel guilty using it and keep receipts to show proof as I did worry they wondered what I was using it for.

    I don't know what to say really others will be more helpful. I would ask for receipts for any money spent if I were you.

    X
     

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