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Elderly parents
Original poster

Accessing parents finances

31 replies

strawberry12345 · 12/07/2025 14:07

Hi my parents are in their 80s and very frail. I’m concerned that as they get older we should put in place access to funds to pay for things they need eg carers. I am wondering if I should be added as an additional account holder on their bank account?

All their savings are in ISAs, I don’t see how I could be added as it is linked to them tax wise?

we have LPA but they have capacity. I’ve not raised this with them but I think they would like this as it would give them peace of mind.

any experience much appreciated

OP posts:
Original poster
strawberry12345 · 12/07/2025 14:18

Brilliant, thank you. If I get LPA enacted can they still make all their day to day transactions and I just have access as back up in case they can’t?

OP posts:
flyonmyi · 12/07/2025 14:16

As others have said, get their permission to have LPA enacted now. You don’t need to take full control but at least you’ve got an overview of everything and know how to access funds if they’re needed.

I have LPA for my dad and although it’s not enacted at the moment, he’s also given me a list of all his passcodes and accounts etc. I’ve never looked but should I need to get LPA enacted quickly, I’ve got everything I need to gain access.

drivingmetomywitsend · 12/07/2025 14:14

The financial LPA can be activated whilst they still have capacity, with their consent (the health one requires them to have lost capacity). You can then have access to their bank accounts, you’ll need to contact their bank to find out how to do this. It’ll still be their account, so there shouldn’t be any tax implications for you, you’re just operating it on their behalf.

TomatoWildFlowers · 12/07/2025 14:11

If you have the finance LPA, you can invoke this while they still have capacity with their agreement. It would be a matter of contacting the banks and providing them with a copy of the LPA

P00hsticks · 12/07/2025 14:11

As you have LPA you can be set up to have access to their bank account online and get a debit card on their account as representative - I deal with all my mums finances now as although she has capacity she is housebound visually impaired and cannot manage to deal with it herself.

taxguru · 12/07/2025 14:10

Just get the LPA enacted and you have control.

Getting added as a joint account holder could cause a World of pain for other reasons, i.e. as you say you can't have a joint ISA, and interest etc would be taxable on you (your share), and potential issues with future benefits and IHT.

LPAs are there for exactly this reason, i.e. for the LPA appointee to take control.

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