Using a financial Lasting Power of Attorney?
Discussion
Looking for advice please on how best use my terminally ill elderly mothers financial LPA. She isn't expected to live long so I'm needing to manage her financial affairs. My father passed a few years ago but left her financially comfortable with savings and various investments.
My brother, sister and myself are named as attorneys and we want to help her in the weeks she has left, and also make things such as probate simpler post death.
She isn't able to leave the house and doesn't have internet banking so I need to hep with her day to day finances and banking. I've already created a 'Gov.uk One' account where I have registered both LPA's which allows me to create access codes to share with banks etc.
I've visited Santander bank where she has her current account, and they're sending me details on how to get a bank card and access online banking for her account so that I can help her pay for the things she needs etc.
Is there any need to register it with all of her banks and investment companies prior to her death?
My brother, sister and myself are named as attorneys and we want to help her in the weeks she has left, and also make things such as probate simpler post death.
She isn't able to leave the house and doesn't have internet banking so I need to hep with her day to day finances and banking. I've already created a 'Gov.uk One' account where I have registered both LPA's which allows me to create access codes to share with banks etc.
I've visited Santander bank where she has her current account, and they're sending me details on how to get a bank card and access online banking for her account so that I can help her pay for the things she needs etc.
Is there any need to register it with all of her banks and investment companies prior to her death?
The power of attorney will end upon her death and responsibility for her affairs will pass to the executors. So there is no need for you to register it with accounts you don't need to access. However it may be useful if she lives longer than expected
If it's any help I have an LPOA for my mother - I tend to pay for stuff, keep a note and then use online banking to transfer the amount to myself every so often.
All her bills are either standing order or direct debit and I use the LPOA to make sure she has enough to pay these and to manage her pension and other assets.
It's a s
t time and I hope you are able to enjoy what time you have left
If it's any help I have an LPOA for my mother - I tend to pay for stuff, keep a note and then use online banking to transfer the amount to myself every so often.
All her bills are either standing order or direct debit and I use the LPOA to make sure she has enough to pay these and to manage her pension and other assets.
It's a s
t time and I hope you are able to enjoy what time you have left The Gauge said:
Looking for advice please on how best use my terminally ill elderly mothers financial LPA. She isn't expected to live long so I'm needing to manage her financial affairs. My father passed a few years ago but left her financially comfortable with savings and various investments.
My brother, sister and myself are named as attorneys and we want to help her in the weeks she has left, and also make things such as probate simpler post death.
She isn't able to leave the house and doesn't have internet banking so I need to hep with her day to day finances and banking. I've already created a 'Gov.uk One' account where I have registered both LPA's which allows me to create access codes to share with banks etc.
I've visited Santander bank where she has her current account, and they're sending me details on how to get a bank card and access online banking for her account so that I can help her pay for the things she needs etc.
Is there any need to register it with all of her banks and investment companies prior to her death?
The LPOA will cease on her death. My brother, sister and myself are named as attorneys and we want to help her in the weeks she has left, and also make things such as probate simpler post death.
She isn't able to leave the house and doesn't have internet banking so I need to hep with her day to day finances and banking. I've already created a 'Gov.uk One' account where I have registered both LPA's which allows me to create access codes to share with banks etc.
I've visited Santander bank where she has her current account, and they're sending me details on how to get a bank card and access online banking for her account so that I can help her pay for the things she needs etc.
Is there any need to register it with all of her banks and investment companies prior to her death?
With my parents, I used the LPOA to consolidate their funds, making them easier to manage & transparent to the other attorneys.
Simpo Two said:
I thought an LPA was either 'registered' (ie activated) or it wasn't. You'd normally get a doctor or solicitor to confirm that the subject had lost ability. Maybe things have changed since I was involved.
You don't need to get anyone to confirm she's lost ability - you simply have to act in her best interest.Each institution will need to follow the process to recognise the LPOA and allow the attorney access to the relevant account.
Simpo Two said:
I thought an LPA was either 'registered' (ie activated) or it wasn't. You'd normally get a doctor or solicitor to confirm that the subject had lost ability. Maybe things have changed since I was involved.
For my parents, a lady from the OPG visited the house and assessed the situation, before the LPOA could be triggered. That was 5 or so years agoAndy 308GTB said:
Simpo Two said:
I thought an LPA was either 'registered' (ie activated) or it wasn't. You'd normally get a doctor or solicitor to confirm that the subject had lost ability. Maybe things have changed since I was involved.
For my parents, a lady from the OPG visited the house and assessed the situation, before the LPOA could be triggered. That was 5 or so years agoJust reread the document. The LPOA was for my parents acting as attorney's for each other. Myself and my siblings were 'Replacement' attorneys.
So I think you are correct
The OPG visit was to confirm that both my parents had lost the ability to manage their finances - and the responsibility passed to the replacements. The document subsequently got stamps all over it removing/adding attorneys
So I think you are correct
The OPG visit was to confirm that both my parents had lost the ability to manage their finances - and the responsibility passed to the replacements. The document subsequently got stamps all over it removing/adding attorneys
Andy 308GTB said:
Just reread the document. The LPOA was for my parents acting as attorney's for each other. Myself and my siblings were 'Replacement' attorneys.
So I think you are correct
The OPG visit was to confirm that both my parents had lost the ability to manage their finances - and the responsibility passed to the replacements. The document subsequently got stamps all over it removing/adding attorneys
Makes sense. So I think you are correct
The OPG visit was to confirm that both my parents had lost the ability to manage their finances - and the responsibility passed to the replacements. The document subsequently got stamps all over it removing/adding attorneys
In our case my mother agreed to it whilst she was deemed to have capacity.
It's been a nightmare really as she's a very difficult person but that's not really helpful to the OP and his sad situation.
TownIdiot said:
Andy 308GTB said:
Just reread the document. The LPOA was for my parents acting as attorney's for each other. Myself and my siblings were 'Replacement' attorneys.
So I think you are correct
The OPG visit was to confirm that both my parents had lost the ability to manage their finances - and the responsibility passed to the replacements. The document subsequently got stamps all over it removing/adding attorneys
Makes sense. So I think you are correct
The OPG visit was to confirm that both my parents had lost the ability to manage their finances - and the responsibility passed to the replacements. The document subsequently got stamps all over it removing/adding attorneys
In our case my mother agreed to it whilst she was deemed to have capacity.
Simpo Two said:
There are two stages here. One is getting the thing drawn up - obviously the person involved has to agree and be of sound mind. Then it just sits there inactive until the subject is unable to manage their own affairs, at which point it should be registered. That's where an outside body comes in to make sure you're not just going to steal the money. Once registered you can take over the helm.
That definitely didn't happen with us.It must have changed recently.
There are (at least) two varieties of POA (can't remember the exact names). The old type had to be registered when the person became incapable. The new type can be used without any further registration required.
If you currently have the old type, it's worth replacing them if possible with the new ones.
If you currently have the old type, it's worth replacing them if possible with the new ones.
My parents had the newer type of LPA, when the time came I just took it into the bank (Nationwide) plus my passport/address ID and they filled out a form while I waited. I think it was a couple of days and then I added their account onto mine (my account, my logon then a secondary logon into their account) - all very simple.
As soon as you notify the bank that your mother has passed you will lose access to their account (LPA lapses on death).
Best of luck
Jim
As soon as you notify the bank that your mother has passed you will lose access to their account (LPA lapses on death).
Best of luck
Jim
I've been acting with LPA financial and health for my mother for about 5 years now. I am currently selling her house to finance her care home fees, which are considerable. My parents and I set up the LPA with foresight about 10 years ago. It was left with solicitors and when I needed to access my mother's account to pay bills (Dad died suddenly a few years ago), cancel monthly payments (SKY etc) i just took the relevant docs into the bank. It was processed within days and then I had dual control of her accounts. All very smooth, no interference from any agency at all.
outnumbered said:
There are (at least) two varieties of POA (can't remember the exact names). The old type had to be registered when the person became incapable. The new type can be used without any further registration required.
That seems like a lowering of the bar, an open invitation for dishonest relatives to empty the accounts.I believe with the property and financial LPA you can now use the online service to give organisations access to an online summary of the LPA which should be accepted rather than showing the paper version. It is *supposed* to make things much easier.
https://www.gov.uk/use-lasting-power-of-attorney
eta - sorry just seen in the OP you have already used the online gov . uk service
https://www.gov.uk/use-lasting-power-of-attorney
eta - sorry just seen in the OP you have already used the online gov . uk service
Edited by Phooey on Sunday 16th February 08:41
Simpo Two said:
That seems like a lowering of the bar, an open invitation for dishonest relatives to empty the accounts.
They don’t need to have a LPA to do that, my father trusted my brother to help him with his finances (I wasn’t aware of he had asked him) and he helped himself to £90,000!Edited by YouWhat on Sunday 16th February 10:18
outnumbered said:
There are (at least) two varieties of POA (can't remember the exact names). The old type had to be registered when the person became incapable. The new type can be used without any further registration required.
If you currently have the old type, it's worth replacing them if possible with the new ones.
The original was the Enduring Power of Attorney, any of these still in existence remain valid but the procedure was replaced by the Lasting Power of Attorney which all new ones are enacted as.If you currently have the old type, it's worth replacing them if possible with the new ones.
If Santander is her main account then you probably don’t need to register the LPA with other Financial organisations too unless you think there may be action needed on any of them such as the renewal of a bond or something similar.
Not all organisations appear happy to accept the online access code methodology and still require sight of the original or a certified copy though.
I’ve just activated my Mothers LPA for her Lloyds Bank account and savings accounts and all was done within 24 hours after my visit to a local branch.
The debit card arrived a few days later for me.
They have added all her accounts to my online portal access to look at.
I had to do something similar for another relative ( her sister ) with Nationwide and the process was very similar.
As others have said once the donor passes away the LPA is in effect null and void.
Not all organisations appear happy to accept the online access code methodology and still require sight of the original or a certified copy though.
I’ve just activated my Mothers LPA for her Lloyds Bank account and savings accounts and all was done within 24 hours after my visit to a local branch.
The debit card arrived a few days later for me.
They have added all her accounts to my online portal access to look at.
I had to do something similar for another relative ( her sister ) with Nationwide and the process was very similar.
As others have said once the donor passes away the LPA is in effect null and void.
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