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Elderly parents

Changing bank accounts

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SorryCantBeArsed · 16/10/2015 19:38

I've had confirmation today from the Office of Public Guardian that my step mum doesn't have POA for my dad. It was a glimmer of hope that they'd done them when they did their wills some years ago but no. He has Alzheimer's and when he leaves hospital after his section 2 detention ends he will need 24 hour care in a home. My step mum who also has Alzheimer's is wanting to move so we are going to look at a recommended sheltered housing flat next week to rent. I was advised by someone here to get her moved without selling the house first which she can afford to do so that's ok and after finding there's no POA for dad it's just as well. Now here's the question . Most of their bank accounts are joint. Dad will have to have a financial assessment for his care costs but I really want dsm to be able to move and have the flat all done if she likes it. How easy is it to shift some money from joint to single accounts? It could take a while to get deputy ship for dads affairs and I've no idea how long the house will take to sell so I need to make sure she can cover all her bills for some time.

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Needmoresleep · 16/10/2015 22:46

If she can sign cheques with a single signature I don't think there should be a problem. My mum was able to use the joint account throughout probate.

Rather than ask I would simply try to do it and see if anyone stops you. Make an appointment for your dsm to go into a bank to set up a new account in her name. Suggest its set up with you having third party access. Then have her transfer the money in joint accounts into the account.

You might also read through OPGs website about the Court of Protection. I think you can ask them to make one off decisions eg selling a house. But first have you DSM do her own POA.

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SorryCantBeArsed · 17/10/2015 09:33

Thank you Needmore. I know their current account doesn't have a cheque book she just uses her debit card. I'll go with her to her local branch local branch and open a new account. They know her in there and know they both have Alzheimer's so are really good with her. They have another four savings and ISA accounts so like you say, see if we can shift money around with out being stopped. I will have a look on opg site, when I down loaded the request form for them to search the POA records I did read something about deputy ships and requests but I was still hoping a POA had been done. So I need to find out just what we can do.

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Needmoresleep · 17/10/2015 10:33

Start the ball rolling on the POA first. It takes a while to come through, but banks are reassured if they know it is in the pipeline. I would strongly recommend its set up with only one signature for the financial stuff. Joint signatures are a PITA for banks, and can prevent you opening certain accounts or accessing internet banking. If there is potential for family dispute you might have it as a condition withing the POA that a certified accountant privides annual accounts to other family members.

Banks are in a difficult position. Capacity is so hard to judge, and money is the main thing families argue over. If they get worried, the shutters come down. If they let you, sorting out a new account with third part access can be done within the week. My experience (my mum had a LOT of accounts) was that some branches - take a bow NatWest - bent over backwards to help when I/my mother needed urgent access to her funds to facilitate a move. Others were less helpful, even obstructive. Taking my mother into branches with passport and a second piece of ID and sorting things out there and then was far quicker than getting the POA document registered with each and every bank and so on. I think it took over a year to sort out the POA registration with one bank, so i could transfer the money to another of her accounts.

(Three years on and I think I only have my dad's premium bonds to sort out. Some are 90 years old. Who knows, he might be a jackpot winner!)

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SorryCantBeArsed · 17/10/2015 18:36

God I'm so glad you're here for advice! They bank with Natwest so that's s plus and the local branch are really good with her so that's a plus point. I've two step brothers one of which wouldn't have any problem with me doing the financial stuff but not sure about the other, need to ask him. Next week is looking at sheltered housing for step mum and contacting the bank and getting the POA forms, all that and a full time job

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SorryCantBeArsed · 17/10/2015 18:41

And dsm got a letter from the hospital today saying that my dad has gone from being detained under section 2 to section 3 which has uoset her as it states he could be held for upto six months. I'm really hoping that it won't take that long for a good home to be found for him. Don't get me wrong the ward and staff where he is now is nice but it's still a hospital. Dsm knows he can't go back home but she's found it upsetting the thought of him being kept there for so long.