Poa

sheelz

Registered User
Sep 1, 2014
35
Hi there, advice please, if you have power of attorney which is registered with the bank Is it necessary to keep a tally of spends, if yes, who is it for ? Thanks in advance.
 

Bod

Registered User
Aug 30, 2013
1,212
Dependant on other family members reactions, it may be wise, to keep records.
Also if you are very close to £23,000 limit it will show how you are spending.

Bod
 

Pear trees

Registered User
Jan 25, 2015
441
It is wise to keep records of all payments in and out of the bank account even if you have POA registered with bank, especially accounting for all cash withdrawls made, even if it is only a few pounds a week for pocket money.
I print off statements monthly and list debit card payments, direct debits and cash withdrawls with details on an Excel spreadsheet and attach receipts.
My brother used to 'borrow' large sums from mum before POA which he can't do now although he has tried. I keep good records to cover myself in case he ever queried my spending, especially if she needs to self fund her care in future.
 

Mango

Registered User
Mar 16, 2014
45
New Zealand
Hi there, advice please, if you have power of attorney which is registered with the bank Is it necessary to keep a tally of spends, if yes, who is it for ? Thanks in advance.
I keep very detailed records of my Mum's accounts, along with notes of why we spent what we did at certain times. Mostly for my own piece of mind, partly to be able to budget properly, and partly so if siblings ever ask any questions I can quickly and accurately provide the answers.

I don't expect any issues, but have seen what can happen in other families where proper records have not been kept and/or the person who has the POA is not completely open and transparent.
 

poster

Registered User
Dec 28, 2011
190
I keep very detailed records of my Mum's accounts, along with notes of why we spent what we did at certain times. Mostly for my own piece of mind, partly to be able to budget properly, and partly so if siblings ever ask any questions I can quickly and accurately provide the answers.

I don't expect any issues, but have seen what can happen in other families where proper records have not been kept and/or the person who has the POA is not completely open and transparent.
I never kept records. When my mum had me as poa through the bank I only used it to take money out of her account to pay for items I bought for her. She can manage her own finances but had me as poa just in case the time ever came when she could ot manage her own finances. However she decided to cancel this arrangement (no idea why) so I am no longer poa. When I asked her why she cancelled it, she said she just decided to cancel it and that was that and I had no choice but to accept it.
 

Sianey

Registered User
Mar 23, 2015
103
Yorkshire
Receipts

Hi,

Mums bank statement now comes to me as her account is managed by me even though I have two siblings. I keep any receipts and validate them every month just to show where bits of spends are going, usually it's shower gel etc, home fees but I would want to know if my sibling was in charge of the account so I guess that's why I do it and also to cover my back:). The bank didn't stipulate to keep records though but I keep statements and check it off.

Sianey
 

Bod

Registered User
Aug 30, 2013
1,212
I never kept records. When my mum had me as poa through the bank I only used it to take money out of her account to pay for items I bought for her. She can manage her own finances but had me as poa just in case the time ever came when she could ot manage her own finances. However she decided to cancel this arrangement (no idea why) so I am no longer poa. When I asked her why she cancelled it, she said she just decided to cancel it and that was that and I had no choice but to accept it.
Cancelled with only the bank, or with the Office of the Public Guardian?


Bod
 

poster

Registered User
Dec 28, 2011
190
Cancelled with only the bank, or with the Office of the Public Guardian?


Bod
Bank. It was only an arrangement my mum made with her bank and I was with her when it was arranged. The manager drew up a letter signed by my mum to allow me to extract money from her account. Then suddenly one day she stopped it and never told me and I only found out when I went to the bank to get some money. It was a bit embarrassing because the lady at the bank said you do not have authority etc and I said I have a letter and she said well from our records your mother cancelled it so we are not to let you take money out of the account. I therefore threw the letter away because obviously it was a useless document. Now when I need money from my mother she sends me a cheque in the post which seems a very awkward way of doing it. My mother cannot get out much so she has to wait until her care home has their weekly shopping trip or tell one of the carers to post it for her. I do not really understand it and have never got an explanation so I just have to go along with it. I then have to go and bank the cheque and then wait for it to clear for three or four days. Ludicrous but there you go.
 

canary

Registered User
Feb 25, 2014
11,344
South coast
Bank. It was only an arrangement my mum made with her bank and I was with her when it was arranged. The manager drew up a letter signed by my mum to allow me to extract money from her account. Then suddenly one day she stopped it and never told me and I only found out when I went to the bank to get some money. It was a bit embarrassing because the lady at the bank said you do not have authority etc and I said I have a letter and she said well from our records your mother cancelled it so we are not to let you take money out of the account. I therefore threw the letter away because obviously it was a useless document. Now when I need money from my mother she sends me a cheque in the post which seems a very awkward way of doing it. My mother cannot get out much so she has to wait until her care home has their weekly shopping trip or tell one of the carers to post it for her. I do not really understand it and have never got an explanation so I just have to go along with it. I then have to go and bank the cheque and then wait for it to clear for three or four days. Ludicrous but there you go.
Ah, thats not actually POA, thats just a third party signatory on a bank account.
It doesnt sound like your mum would allow POA. Please remember that when she loses capacity so that she no longer knows how to deal with her finances you will probably have to go down the route of applying for Court of Protection deputyship in order to take control of her finances.