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.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.
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
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.