having just registered power of attorney for both of my parents who have alzhimers and vascular dementia. I understand that I must prepare a list of assetts and keep accounts. Does anyone know what 'level' of accounting is necessary? For example do I list every loaf of bread and have to show their monies 'balance' with income and expenditure of is it sufficient to show £60 per week for food? I am very concerned that I do everything properly but am a bit bewildered at present. Can anyone pass on their experience please?
power of attorney accounts
- Thread starter gillianjoyce
- Start date
Hi Gilliianjoyce,
With a registered EPA you do have to keep accounts, but you should not have to produce them to the PGO unless someone questions your management.
Even so as long as the expenditure is reasonable and in keeping with your parents' previous spending you should be OK and you shouldn't have to account for every penny. You should however keep a more detailed record of any unusual level of expenditure.
Have you checked out the web site or spoken to the PGO help line? The response may be a bit non-committal.
Sue
With a registered EPA you do have to keep accounts, but you should not have to produce them to the PGO unless someone questions your management.
Even so as long as the expenditure is reasonable and in keeping with your parents' previous spending you should be OK and you shouldn't have to account for every penny. You should however keep a more detailed record of any unusual level of expenditure.
Have you checked out the web site or spoken to the PGO help line? The response may be a bit non-committal.
Sue
Hi Gillian,
When I managed my mother`s finance, I made a list of all monthly expenses for the house and food and that stayed the same each month. Then I made a list of additional regular expenses, cash for mother, hairdressers, etc. So really it was pretty much the same outgoing each month.
If there was anything extra, like gifts, replacing a kettle, or something like that, I kept all receipts, just in case.
When I managed my mother`s finance, I made a list of all monthly expenses for the house and food and that stayed the same each month. Then I made a list of additional regular expenses, cash for mother, hairdressers, etc. So really it was pretty much the same outgoing each month.
If there was anything extra, like gifts, replacing a kettle, or something like that, I kept all receipts, just in case.
Hi gillianjoyce
I just keep all receipts and bank statements, even till receipts. I try to pay everything with a switch card or cheque, so that I have a paper trail, if anyone ever questions.
The way I understand it is, as long as it is all normal expenditure, you will not be taken to task about accounts.
Maybe I am wrong and nieve (sp) Wish tp had spell check!
Alfjess
I just keep all receipts and bank statements, even till receipts. I try to pay everything with a switch card or cheque, so that I have a paper trail, if anyone ever questions.
The way I understand it is, as long as it is all normal expenditure, you will not be taken to task about accounts.
Maybe I am wrong and nieve (sp) Wish tp had spell check!
Alfjess
I think Sue's point about whether anyone is likely to question your management is a good one. Some of us (me for example) are only children and my mother has no other relatives, so unless I fall out with my children, so one is likely to question the management of my mother's affairs. Others, to use Alfjess as an example (sorry Alfjess) have relatives that are more of a trial, shall we say. I think if you're in the former category you can go with a less rigid approach, while if you're in the latter, you probably want to document everything you can.
Jennifer
Edited to add: Of course, if it is likely that your parents are likely to require residential care, and social services at some point will be contributing, I imagine they could be the other people who might possibly question the management of your parent's accounts, so that's something to consider as well.
Jennifer
Edited to add: Of course, if it is likely that your parents are likely to require residential care, and social services at some point will be contributing, I imagine they could be the other people who might possibly question the management of your parent's accounts, so that's something to consider as well.
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