Transferring bank accounts from elderly mother

[JDUFF]

Mother is 80 and not fully aware of the world. She still lives at home and we were wondering if it is possible to transfer her various bank accounts to her children. She will have the house to sell for any care required.

[dzug]

Not legally - no. You need Power of Attorney (which it sounds as though she may not be fit to sign) or apply to be appointed as Deputy by the Office of the Public Guardian - both cumbersome and expensive processes, particularly the latter.

Even then you will be expected to run her accounts for her benefit, not gift them to her children.

[Naomicorlett]

With my Mother I set up an enduring power of Attorney as we knew that Altzheimers was getting a hold. This was converted to power of Attorney when she become worse. With My father I just became a signiture on his bank account ,Again whilst he was still able to sign his name ( He was fully compos mentis to the end. My MIL has granted us enduring power of Attorney. If your Mother is still able to sign (and understand ) then the added signiture (or Joint with another member of the family) will enable you to pay bills etc. I wish you all good wishes

[LoftyLottie2]

Both good replies above. You are not legally able to touch your mother's bank accounts unless you apply for Lasting Power of Attorney and then, as has been said, the money can only be used for your mother's benefit and evidence must be kept on this.

However, it's a much more strict process now. Enduring power of Attorney, since 2007 ,has been replaced by Lasting Power of Attorney and you need one person for welfare matters and another for finance and property. You can't in fact do anything until this has been set up and processed.

People with existing Enduring Power of Attorney before 2007 go through an easier route as outlined by Naomi in the posting above this.

This website will give you more information, but I would also contact a solicitor to guide you through the process.

I have been through all this recently and it's not easy. I too wish you and your family luck.

[LoftyLottie2]

Would have helped if I actually had given you the link!

http://www.publicguardian.gov.uk/

[Naomicorlett]

Also get quotes from a couple of solicitors .I didn't ,I took one on trust because they had written up my Mum's will and was charged over �600 to register the Power of A
ttorney . I was later told it should have been more in the region of �150 but the solicitor who did it charged by the hour and had never done one before.
Another thought is, if your mother has a cash card then you can get cash from machine to pay bills with but keep immaculate records as families can be funny animals.!

[LoftyLottie2]

My solicitor charged �80 to set up the POW in 2006 and I did the registration process myself with the Office of the Guardian early this year for �120. (the solicitor recommended I do it myself as it would be a lot cheaper and it wasn't difficult).

However, with Lasting Power of Attorney things have got a lot more complicated.

So, as you say, Naomi, for an Enduring Power of Attorney the solicitor took great advantage!!

[LoftyLottie2]

I believe Naomi that you cannot by law use anybody's cash card to obtain money unless they give you permission. It would be argued that someone losing their mental powers would not be able to give this permission. When I had EPOA I had my own cash card for my mother's account with my name on it expressly showing I was POA.

[TCL-MUMPING]

There is another thing that should be considered too. If yir mother were to go into local authority care, they would look at deprivation of capital which is when assets or capital are disposed of or transferred in order to reduce what the person possesses. They would look at the date of the transfer of the money and the reasons behind it. If they decide its deprivation, they will take it into account whoever has it.