Accessing parents finances

[strawberry12345]

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

The responses on here have been so helpful. Does anyone know timeframes from me contacting the bank to send them the LPA form (it’s a paper one) and getting banking access please?

Depends on the bank - some are really good and some are shite.

I'm dealing with about 27 financial institutions and the process has been variable to say the least. I have written so many letters of complaint.

Not all institutions let you have online banking as well which is a pain in the ass - looking at you Skipton!

Yes, if the donor decides.

Well yes! If they've still got capacity, it's entirely up to them, and rightly so. If they've lost capacity then it's entirely right that the POA comes into force. You're not suggesting that someone with capacity could be forced into accepting the POA without their consent are you??

From personal experience - Nationwide took 10 days from taking a copy of the LPA in branch to activating my online access to DF’s account.

TSB - no branches near me so have to do it all via an online form. Filled form in and told will be contacted within 4 working days to set up an online call to verify my identity, etc. 3 weeks later, I’ve not heard a thing from them.

No, @taxguru , I was objecting to your initial suggestion that the poster just “register the LPA and have control”. Although I see that you knew that, so I won’t engage further with you.