Hi.
At the end of last year my brother and I had to make the heart wrenching decision for my mum to go into a specialist care home. Its been a really upsetting few months as I am sure everyone can appreciate.
My brother & I have Lasting Power of Attorney and in amongst everything we have had to sort out, we felt we were left with little choice but sell my mums beloved (and our childhood) home. We are both pretty risk adverse and as our mum had spent years scrimping and saving to pay her mortgage we didn't feel that we could take the risk of taking out a deferred payment scheme with the council and then having to sell the house within the 90 days that they expect settlement to be made within.
So the house has now sold and is due to complete within the next couple of weeks. My brother manages my mums bank account and obviously the proceeds from the sale of Mum's house will be used to pay for her care. However, being so risk adverse, especially as this is not our money, we don't want to put the total amount of the sale into one bank account as we know that banks only guarantee £75,000 in the event of a crash.
We originally planned that the sale amount would be split between the 3 of us; my mum, my brother and myself. This will keep us within the £75,000 tolerance if we are careful which banks we choose to keep the money in. However, does anyone know, can we do this?
Our solicitor who is dealing with the sale thinks that the money on completion can only be paid directly into my mums bank account. We would then have to transfer the money into different bank accounts. However, we are concerned that any movement of this money into different accounts (that will not be in my mum's name but in our names) will be frowned upon.
I am going to contact the citizens advice bureau but wondered if anyone had had a similar experience?
It all feels very stressful at the moment and on top of everything, we don't want the stress of making the wrong decision.
Any help would be very gratefully received. Thank you.
At the end of last year my brother and I had to make the heart wrenching decision for my mum to go into a specialist care home. Its been a really upsetting few months as I am sure everyone can appreciate.
My brother & I have Lasting Power of Attorney and in amongst everything we have had to sort out, we felt we were left with little choice but sell my mums beloved (and our childhood) home. We are both pretty risk adverse and as our mum had spent years scrimping and saving to pay her mortgage we didn't feel that we could take the risk of taking out a deferred payment scheme with the council and then having to sell the house within the 90 days that they expect settlement to be made within.
So the house has now sold and is due to complete within the next couple of weeks. My brother manages my mums bank account and obviously the proceeds from the sale of Mum's house will be used to pay for her care. However, being so risk adverse, especially as this is not our money, we don't want to put the total amount of the sale into one bank account as we know that banks only guarantee £75,000 in the event of a crash.
We originally planned that the sale amount would be split between the 3 of us; my mum, my brother and myself. This will keep us within the £75,000 tolerance if we are careful which banks we choose to keep the money in. However, does anyone know, can we do this?
Our solicitor who is dealing with the sale thinks that the money on completion can only be paid directly into my mums bank account. We would then have to transfer the money into different bank accounts. However, we are concerned that any movement of this money into different accounts (that will not be in my mum's name but in our names) will be frowned upon.
I am going to contact the citizens advice bureau but wondered if anyone had had a similar experience?
It all feels very stressful at the moment and on top of everything, we don't want the stress of making the wrong decision.
Any help would be very gratefully received. Thank you.