Joint account

[Timebar]

My partner was called by the CoP yesterday to say that he has been awarded deputyship and should receive the paperwork in the next few weeks. His Mum is in residential care with his father remaining in the marital home. Due to his father's behaviour we no longer have any relationship with him. Most of his Mum's finances are separate, but she does have a joint account with her husband. This hasn't been frozen as his Dad has refused to engage with professionals/organisations in relation to his wife's circumstances. I am wondering what the bank are likely to do when presented with the deputyship paperwork. The chances of his Dad agreeing to anything are nil. I'm assuming the bank would be obligated act and maybe split the money in half...……?

 

[Grannie G]

Hello @Timebar

I hesitate to reply to Legal and Financial questions but when the paperwork arrives all I would do is take it to the bank where the joint account is held and ask if half the money can be used to open a new account in your mother`s name.

 

[Weasell]

Would it be worth contacting the bank now and explaining?
I would be asking for a note to be put onto the account that any request for an overdraft be declined, should one be made before the papers arrive.

 

[nitram]

Normally both joint owners would have to agree to converting the account into two sole accounts.

This situation is different, your partner is acting for his Mum on behalf of the COP and has a legal duty to protect his Mum's finances.

With a joint account, unless it's a 'both to sign' account, his Dad could simply empty the account without consulting his Mum. Just asking him to sign the splitting into two accounts could prompt this action or cause him to make a big withdrawal.

Agree with consult the bank, it would be best to make an appointment explaining the situation so that you get to see a person who can handle the situation.

 

[mymumsgone]

Personally I wouldnt even bother asking the husbands father.
Once you have registered the deputyship, the deputy is considered the administrator of that accountin place of or the joint account holder. Any joint account is legally seen as 50/50 who ever paid in the money etc so just withdraw half the money in that account or have it transferred into one of your mothers existing sole accounts. As a deputy you are allowed to move her money and by law half the money in a joint account is considered hers.

 

[nitram]

just withdraw half the money in that account or have it transferred into one of your mothers existing sole accounts.

That would leave the mother having half the joint account, she would then have ¾ of the total fund and the father ¼.
Two sole accounts are required, each with ½.

 

[Lynmax]

I think the issue is that while the £150 remains in the joint account, half of it technically still belongs to Y. I guess at the same time as you transfer the £150, you have to close the joint account so it is only in X's name

 

[nitram]

and X can then transfer his £150 to his sole account.

That's what I said should also be done in addition to

just withdraw half the money in that account or have it transferred into one of your mothers existing sole accounts.

 

[mymumsgone]

I think you'll find without both parties permission the account can not be altered ( changed to a single name) or closed. The way round this would be to remove the half thats yours to remove under the order of the deputyship. THEN revoke your deputyship of that account which means you have no access to the remainder. Once this is done put in writing to the other account holder that half the funds have been withdrawn you hold no claim to the remaining and are happy to close the account. The ball is then in their court. If in the future the remaining account holder uses the account or runs up debt using this account it can be shown from the point the letter was sent the original account holder nor the deputy had access to any of the dealings and had requested the account closed. It is always wise to send copies of letter to the bank to keep on file of the account and a solicitor if you are using one, and full disclosure including all paperwork in your annual report to OPG .
Totally transparancy and written proof of your actions are always the way to go. leave a paper trail.