LPA for both parents - their joint account

[JMark]

Hi there,
My parents (mid 80s) are starting to need more support from me with their finances - mum has Alzheimer’s, just diagnosed, and dad is having some memory assessments.

I want to get access to their joint current account (and others) and I have a financial LPA for both of them. I have a few questions -

As I have an LPA for both I assume I’ll be able to get access to their joint current account?

Does anyone have any experience with managing joint accounts online with Nationwide? Their website says you can’t do internet banking if “the person you’re acting on behalf of has a joint account with someone other than you. If they have a joint account with someone else, you will need to manage all of their accounts in branch instead of online”. I live nowhere a nationwide branch so not sure that will work so my final question is -

Any advice on opening a new current joint account on behalf of my parents, which can be operated online?

Many thanks

 

[thistlejak]

I/we managed MIL & FIL's accounts as COP Deputies. We did access their joint account but in branch - didn't ask about online banking as we set up new single accounts for each of them and split the money - leaving only enough in the joint account to pay bills. We got online access to those new accounts and also online access to saving accounts with other providers and NS&I.

I would go for an account for each of them that you can manage online and move all their payments into them and set up a standing order to cover bills for the house from the old joint account.

 

[northumbrian_k]

Hi @JMark and welcome to Dementia Talking Point. I don't have experience of managing a joint account but it may be difficult if either party to the account has capacity. It may be dependent upon the terms of the LPA ie if you are able to act immediately (in consultation with the Donor) or must wait until capacity has been lost. Power of Attorney is granted by an individual Donor so presumably you have 2 separate LPA documents (1 each for mum and dad). This is not the same as having LPA for both. It may be simpler to create separate accounts as @thistlejak suggests. You may need to agree this with one or both of them as a diagnosis does not in itself imply loss of capacity.

Lasting power of attorney: acting as an attorney

Acting as an attorney - duties, including registering a lasting power, starting to act, gifting, handling disputes and replacement attorney responsibilities.

www.gov.uk