Power of Attorney

[Emmalee]

Hi there, I am a new user of this site, so please excuse me if I have posted this message incorrectly! I am a carer for my elderly parents - I care for them in the mornings 7am to 12.15 then work afternoons.

My mum is 87 and has various disabilities, my dad is 90 next week and has dementia.
My parents have a joint account with Lloyds bank. My mum wishes that myself and my brother have access to their bank account if ever she is unable to get to the bank, which is happening more and more often of late. Obviously my dad having dementia is an issue. Mum wants me and my brother to be able to access the bank account so that we can use their money to pay for bills etc.

Do we need to set up a power of attorney, or can we usually just make some sort of arrangement with the bank does anybody know?

Thanks to anyone who is reading this, any help would be very much appreciated!

 

[Beate]

If all you want to do is access their bank account, a third party mandate will suffice. This will however only be valid for that particular bank account so if they wanted to open another or change banks, you'd have to do it again. It also won't cover any other financial dealings that might come up like pensions or benefit payments so if you want to be on the safe side, do an LPA now - they can only be done with mental capacity so for peace of mind act now before it's too late. You might want to do the health and welfare one too while you're at it.
So maybe start with the third party mandate as that's easily set up and then do the LPA as it will take several months to be registered.

 

[nitram]

"Do we need to set up a power of attorney, or can we usually just make some sort of arrangement with the bank does anybody know?"

It is possible to obtain a third party mandate which would enable you to operate your parents' account.

There is the problem of your Dad's dementia which needs to be considered, it may be better to split their joint account especially if your Dad has to go into residential care.

Anything short of setting up powers of attorney for both parents is fudging the issue somewhat and it's success depends on the exact circumstances.

Without a power of attorney there can be problems with utility and insurers, some of these can be anticipated by registering in joint names ie you and parent.

EDIT
Beate you type faster than me.

 

[Emmalee]

Thank you!

Hi Beate,
Thank you so much for replying so quickly to my question, you have been so helpful and have given me all the help and information that I need.
I think you are right about getting the POA sorted out before my father's health deteriorates more.
I will pass the information you have given to me on to my brother so that we can make a joint decision to get this sorted out.
Thank you so much again, so very much appreciated.
Enjoy the rest of your day!
Emmalee

If all you want to do is access their bank account, a third party mandate will suffice. This will however only be valid for that particular bank account so if they wanted to open another or change banks, you'd have to do it again. It also won't cover any other financial dealings that might come up like pensions or benefit payments so if you want to be on the safe side, do an LPA now - they can only be done with mental capacity so for peace of mind act now before it's too late. You might want to do the health and welfare one too while you're at it.
So maybe start with the third party mandate as that's easily set up and then do the LPA as it will take several months to be registered.

 

[Beate]

EDIT
Beate you type faster than me.

Once a PA, always a PA!