Opening new bank accounts using a LPA

And247

Registered User
Aug 21, 2014
17
0
Northumberland
Hi!

I have LPA for my mum who still lives at home but I suspect not for long. I am also in the process of filling the Deputyship forms in for my dad who is incapable and in a self funded care home.

Both mum and dad have joint accounts (savings and current) and I have access to those as LPA for mum.

Thinking ahead I'm worried that when the bank hears dad is not capable they may freeze the joint accounts.

Also I need to separate the accounts really in to 'his' and 'hers' to track the finances better for paying his care home fees. Bearing in mind the 50:50 for social services financial assessments etc.

My question really is about these new 'his and hers' accounts set up by me. Are they simply new accounts set up in my name on their behalf? My details, My address, etc etc. and actually the LPA is not actually required to do this (but is required to draw the monies out of my mums bank accounts).

Is it a good idea to state in the bank account name 'LPA' (or something)?

So maybe for both his and her accounts: 'My name - LPA - Dads name' and 'My name - LPA - Mums name'?

I want to make it clear that the accounts relate to mum and dad.

Anny thoughts?

Many thanks And
 

ASH74

Registered User
May 18, 2014
294
0
My bank has a specialist team that deals with the COP....and set the account up according to the wording of the deputyship order....not sure how it works with an LPA but our local branch manager was amazing and worked closely with the specialist team at the bank. Have a word with the manager directly.


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Jessbow

Registered User
Mar 1, 2013
5,680
0
Midlands
I don't think they put LPA - its something like

Your name for mums name

So

John Brown for Mrs S Brown

So the acc is still in your mums name, but whoever receives the cheque ( or whatever) sees you are authorised

Do be careful to keep funds in your Mum/Dads names- it can get tricky if its suddenly transfered into yours ( and extra complicated when the inevitable happens, however many weeks/months /years down the line)
 

ASH74

Registered User
May 18, 2014
294
0
My deputyship account says ASH74 as deputy for XXX. It is worth getting the dedicated accounts as if you have a deputyship for your Dad you will have to submit your accounts to OPG each year and they can ask to see your bank statements.


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nmintueo

Registered User
Jun 28, 2011
844
0
UK
My question really is about these new 'his and hers' accounts set up by me. Are they simply new accounts set up in my name on their behalf? My details, My address, etc etc. and actually the LPA is not actually required to do this (but is required to draw the monies out of my mums bank accounts).

Is it a good idea to state in the bank account name 'LPA' (or something)?

So maybe for both his and her accounts: 'My name - LPA - Dads name' and 'My name - LPA - Mums name'?

I want to make it clear that the accounts relate to mum and dad.

Ask the bank to do it whichever way you find preferable. I'd certainly expect each account to be identified with the respective donor's name, and whether there's something additional that indicates you as attorney depends on what you prefer and what the bank can do / has enough characters for.

Mostly, mum's statements and whatnot are simply addressed to her name at my address (the bank knows that is her correspondence address, not her residential address).

My brother and I (joint attorneys) have cheque books for her account, where the name under the signature box shows as:
<our names> POAS FOR
MRS <mother's name>​

and the debit card just shows her name.

If you have online banking, you may find you can attach any descriptive name you want to each account.
 

Pete R

Registered User
Jul 26, 2014
2,036
0
Staffs
I have LPA for my mum who still lives at home but I suspect not for long. I am also in the process of filling the Deputyship forms in for my dad who is incapable and in a self funded care home.

My Mom was recently very poorly in hospital and I did not have LPA. The Office of the Public Guardian advised me that my Mom only had to have capability to sign the forms at that particular time. It mattered not that she was not capable before or after. Is this not possible with your Dad to save the problems of COP?

As far as your Mom is concerned you can set up accounts how you like as long as you do it in her best interest and can show that is the case should anyone see fit to complain. You still have access to her capital whatever the account is called.
 

And247

Registered User
Aug 21, 2014
17
0
Northumberland
Hi Many thanks for all the comments!

(Pete R - yes dad is certainly incapable unfortunately and needs a CoP.

The 'safest' route seems definitely to do new bank accounts with 1) mum and I as LPA and then 2) dad with just me as Deputy for CoP.

That way everyone knows who the money belongs too, (not me), safer for the CoP (and social services) audits / traceability, safer for me for any tax questions about who the interest bellows to, (not me either). etc.

Many thanks again! AND