Joint account

[Mary9]

Please help if i withdraw funds from a joint bank account and only my parents pension has gone into that account, as i used to give them cash, am i doing wrong. Thanks

 

[marionq]

Mary, your post is not quite clear. Are you lifting money from your parents account to use on their behalf or to give them cash? If so that is fine.

 

[Mary9]

Marionq thanks for your reply and my apologies. I hold, have held a joint bank account with mom for many years and we did this when she was of sound mind, she didn't trust my other siblings and wanted to do this "in case anything happened to her ", her words and of course it has, so over the years I have given her my cash and paid various bills from my seperate account to keep the joint account growing. Siblings have not long found out about this as they knew nothing, and now they are doing everything possible to get their hands on the money, I will doeverything to stop that happening

 

[nitram]

If you have a joint account with your mom there is little your siblings can do to access the funds.
If your mom lacks capacity one of them could apply to become a COP (court of protection ) Deputy in which case they could gain access to the account, they should only be able to access your mom's share which will be 50%.

You could apply to become deputy and, if successful, you could open a new account in your name and transfer 50% of the joint account into it and then make the joint account sole in your mom's name.

You would then have control over your mom's finances, there would be nothing to stop you topping up your mom's account from your own if you wanted to.

 

[Mary9]

Nitram, thank you for your help and info