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
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