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Elderly parents
Original poster

Joint account?

33 replies

DustyLee123 · 13/04/2024 07:19

DM is unable to sort her own money on the iPad now. I’m NOK and have both POA’s. She wants us to have a joint bank account so that I can sort her money for her, we’d open one and I’d transfer money as necessary from her own account. Is this allowed? If so, which banks will do it?

OP posts:
KoolKookaburra · 13/04/2024 07:30

It's going to get messy. The whole idea of the POA if it's been registered is to say look this person is looking after my finances now. Why does she want it joint?

SnakesAndArrows · 13/04/2024 07:29

DustyLee123 · 13/04/2024 07:21

But she’s asking for a joint account. If we can’t have one, then that solves that, I’m just wondering if it’s yes or no.

Edited

But does she understand that she will get all the benefits that she’s looking for by activating the POA?

kiwiane · 13/04/2024 07:29

I would talk to her bank about the implications, you can refuse if she’s being difficult - you don’t need a joint account.
There are checks on money transfers. My husband found the police ready to meet him at the branch when his mum tried to transfer money to him as they suspected coercion.

gamerchick · 13/04/2024 07:29

I don't think I'd be comfortable with that tbh. Would it not get messy when the time comes to pay for care?

Houseplanter · 13/04/2024 07:27

I looked at this with my late dad. In the end it was easier for me to be named as someone to manage his account.. I had internet access, a card etc

The money remained his. For lists of reasons I didn't want his money to be jointly my money.. tax being one of them

Original poster
DustyLee123 · 13/04/2024 07:21

But she’s asking for a joint account. If we can’t have one, then that solves that, I’m just wondering if it’s yes or no.

OP posts:
kiwiane · 13/04/2024 07:21

It may be easier to have a card in your name for access to her account. It keeps your money separate and if set up well you can also use internet banking.

SnakesAndArrows · 13/04/2024 07:20

If you have POA you can activate that at her bank and they will give you POA access and a card. That’s the whole point of POA.

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