Protecting mum’s finances

[canary]

Do I actually need to take the LPA to the bank? I still don’t really understand how I actually go about using it!

Book an appointment at the bank with one of the managers and explain that its about LPA
You will need to a certified copy of the POA and some form of identification. They should be able to tell you what to bring when you book the appointment. The appointment is quite painless. You will need to produce the documents that you need and sign a couple of forms. You will get a cheque book and card in the post - they will both say something like Mr John Smith attorney for Mrs Jane Smith on them.

This means that the money does not belong to you (so no one can accuse you of stealing it), but you have control over it and can manage it as easily as your own. You can set up internet banking and any correspondence will be sent to you.

Its quite easy really

 

[Toony Oony]

Hi
I have had POA for my Mum for a couple of years now. Mum was confused with cash - was giving people huge tips, she had forgotten how to write a cheque, lost all ability and confidence to pay bills over the phone and when I got her cash from the ATM it was disappearing at an alarming rate. I was aware of a few worrying instances that Mum mentioned in passing. I was lucky because Mum was only too pleased to hand over the responsibility her finances.

As soon as I had the POA documentation, I made an appointment with her bank. It was very straightforward, very efficient and takes about 15 mins. I needed: Original POA docs, Mum's account details, knowledge of Mum's personal details (maiden name; DoB; etc) passport/driving licence and recent proof of my home address. They asked me what I needed/wanted to operate the account and I had to sign some papers and give a specimen signature. I declined the cheque book, and within a week I received a debit card which only has my name on it, but Mum's account numbers. It operates Mum's account and both Mum and I receive regular statements. Mum's debit card ceased to be valid at that point. I can set up BACS transfers and DDs on the account - I can operate it exactly as if it was one of my own accounts. I have online access, so regularly check the few incomings and outgoings.

Fast forward 2 years and CH fees have rapidly devoured the money Mum had in the bank savings account linked to her current checking account. Therefore, in the last 2 weeks I have had to use the POA again, to gain authority to access 2 other savings accounts that I helped Mum set up a few years ago when she downsized her home. One account was a bank savings account, the other a building society one. The procedure to set up POA on these was very similar, but the arrangements were slightly different. The building society now has me as the 'authorised person' and I access Mum's account through her original passbook. With the bank - and this is the odd one - because Mum only had a savings account with them, and I hold several accounts with them - I operate Mum's account but it is linked to all my accounts for admin purposes. It's still in her name, but is linked to me as attorney, so I use my own debit card and PIN to access her account for queries and transfers.

Apologies for the novel - but I thought my recent experience might be useful. The outcome is the same, but each differs slightly in operation.