Managing finances

[Turquoisesofa]

My DP would like me to have oversight of their finances. They still have capacity but are becoming overwhelmed. They still need credit and debit cards for day to day expenses. There is a registered POA . What is the best way of going about this?

Do you have poa? You can get your name added to the account.
Dh found Lloyd’s and Barclays and Halifax excellent. Coop awful.

Take the POA to the bank and they will add the information to the account.

Thanks. I wasn’t sure if I could use it if they still have capacity

Does the POA allow you to access their finances now? I went to my Mom's bank and registered the POA with them. Mom still has her own credit and debit cards but I also have my own on her accounts. The bank asked if Mom was still capable of making financial decisions and should they continue to send statement, etc, to her. She can't handle financial decisions now so I've taken over completely

My mum was added as a signatory on all her mum's accounts and utilities etc. Made it much easier to deal with things once she couldn't because the handover was already underway.

@barberousbarbara I will have to read the POA - it was done a few years ago. I think when it was drawn up, they intended that it would only be invoked if they lost capacity. They have realised that they haven’t got a full grasp of what is coming out of the account. My mum is also buying stuff on line but making constant errors. She wanted to buy 1 bed for their spare room, but somehow managed to buy 2! I have spent 5 hours today trying to sort out the mess she has made of various online accounts - it is a nightmare due to forgotten passwords and multiple email addresses

I was put on as a third party signatory on my mums account after my dad died recently. We had to go through a process with the bank including them explaining to her exactly what third party authority meant, to ensure she understood that she was allowing me access to her banking and money. I have a debit card that has my name on, but says TP ( third party) after it. Weirdly though, they won't give me a gadget to allow me to access her online banking as they only issue one gadget per account holder, so "technically" I can only access it when I'm with her. (...Except she has no clue how to do on line banking so just asks me to do it for her anyway)

I must admit that I thought the LPA we set up would have covered this, however I now believe that the LPA will only be actioned if she loses mental capacity, then whoever is on the LPA literally takes over the running of the account from her.

I will have to read the POA - it was done a few years ago. If it was done a few years ago it may be an Enduring Power of Attorney not a Lasting Power of Attorney (or the other way round - I can't remember which is which).

The old version could only come into effect once capacity was lost.

The current version be written both ways, eiether to be able to come into effect while the donor still has capacity, or only after the donor has lost capacity.

If you want to turn the old one into the new one you have to revoke the old one, and then set the new one up. You can find out how on-line. What I'm not sure about is the exact timing - can you revoke the old one the day your new one is registered, so you have continuity of cover, or do you have to revoke the old one before the new one can be registered?

I must admit that I thought the LPA we set up would have covered this It should do if you ticked the box saying it was to take effect before the donor lost capacity. I've been running my father's savings account for years while he still had capacity, and have now taken over his current account too.

@MereDintofPandiculation

I will have to read the POA - it was done a few years ago. If it was done a few years ago it may be an Enduring Power of Attorney not a Lasting Power of Attorney (or the other way round - I can't remember which is which).

The old version could only come into effect once capacity was lost.

The current version be written both ways, eiether to be able to come into effect while the donor still has capacity, or only after the donor has lost capacity.

If you want to turn the old one into the new one you have to revoke the old one, and then set the new one up. You can find out how on-line. What I'm not sure about is the exact timing - can you revoke the old one the day your new one is registered, so you have continuity of cover, or do you have to revoke the old one before the new one can be registered?

It is definitely a LPA but I think it has been written for if they have lost capacity

Check with their bank as it may allow you to be added to their account jointly. That is a three person account.
I was added as a signatory on Mum’s account initially but soon found that this was not enough authority to sort out her affairs.
With her permission at an appointment at the bank, I was then added to the account. This allowed me to have a card on this account in my own name. We use the same bank, so when I log on to my online banking, because I’m on Mum’s account, her account also comes up.
I haven’t used POA at the bank. The advantage of being on the account means that when you loose your parents (sorry for the suggestion, just being practical), the account remains open for ease of sorting out their final affairs and you do not have to open an executor’s account.

@CatsMother66 - I think they are going to make an appointment at the bank (if that’s possible at the moment) so I will get them to suggest this an an option