Helping with elderly parent's banking

[CreativeData]

Does anyone have experience of siblings helping an elderly parent with their banking?
Fir example, how many are able to be on a joint account?
Thanks in advance!

I know my Dh and Dsil are on Mil accounts but they also have the financial power of attorney sorted out. Worth checking with the bank as may be different for different banks.

I think it is important to get power of attorney in case you get accused of theft/abuse etc. To protect all parties it is the right thing to do

Definitely get power of attorney set up to protect yourself

My sis was second names on our Mums bank account. It worked for us after Mum died because sis was able to shut accounts down easily.

But they both lived in a small village where sis worked in the local school, so she knew everyone, and everyone knew her, so she probably could have done it easily anyway.

An example of Mums and sisters reach in the village was Mums wake. We wanted it at the village hall (that Mum was instrumental in organising the build). It was booked for another group on the day. Sis contacted the local councillor who arranged that the hall would be free, in both senses of that word.

It helped that Mum gave much of her energy to the dominant political party and was well respected in her area.

Now I'm old and I've asked my DD if she wants to be on my bank account too, to make things easier when I die.

It depends exactly what you want to do. I have been an additional cardholder on my mother's bank account for several years, so I could get cash out and do shopping for her, which was a simple thing to set up directly with the bank and did not require LPA, but now she is finding it increasingly difficult to deal with bills by herself so I have just activated my power of attorney so I can set up internet banking and get a chequebook too.

LPA is worth setting up for many reasons, though it is not a quick process - I think the wait to get it registered is several months at the moment, so start now! And I would use a solicitor to make sure you do it all properly, if you can afford to.

The LPA can be 'joint and several' with siblings, but I noticed when doing forms with my mother's bank that if more than one attorney wanted to have access to the account, they would not be able to do internet and possibly phone banking, I think. I don't know if all banks are the same - you might need to check with the one in question. Would it be possible to divide up responsibility so that one sibling handles the bank account, one does utilities etc?

My parents gave me enduring power of attorney over their care and finances in advance. It saved me a world of trouble when they were both dying as it allowed me to act to ensure their last wishes were respected and to prevent my brothers attempts to access their finances. He tried playing the dad had Alzheimer’s and did not know what he was doing when he had my brother removed from being an executor in the event of my parents death. He did try to access their bank accounts after they had just died. Power of attorney gives protection if you have to deal with ghastly or entitled relatives. Lloyds bank might be worth looking at as they offer some supportive banking for those with extra needs who would find banking a little more challenging.

Certainly get LPA for finances if your parents are willing. It’s an easy online process. You don’t need a solicitor.

www.gov.uk/power-of-attorney

If you’re not an only child it’s best to get named as a secondary party on your parents’ accounts to avoid accusations of fraud etc.

My uncle was unable to sort his finances and my father who was his nomination for power of attorney died, so I gained guardianship to allow me to sort it for him.

Power of attorney is the most comprehensive option and is legal. Alternatively you could be set up for third party access, though the features and access is dependent on the bank itself