Looking after aunts bank account

stevonage

My aunt who I care for rarely gets out of the house and would like to put my name on her savings account so that I can withdraw money for her. Would this affect my housing/ctax benefit? I don't want them to count it as a joint savings account as it is only for her convenience and still all her money.

karenx

Unsure if it would affect it. Could she not just give you her card to do it instead of putting your name on it?

DX2

Would it not be better to get power of attorney?

stevonage

She doesn't have a card, it's a building society savings account with a book. I would concider the power of attorney later on, but she still capable of making her own decisions, shes just infirm.

Blackpool_Saver

get a card

bryanb

stevonage wrote: »

She doesn't have a card, it's a building society savings account with a book. I would concider the power of attorney later on, but she still capable of making her own decisions, shes just infirm.

If considering POA do it while she is capable, anytime later is a nightmare.

hippy-chicy

If the account is put into your name as well as your aunts, you have access to the money in the account. Therefore for HB/CTB purposes I am pretty sure that it would be taken into account.

AsknAnswer

You can place your name on her account legitimately.

For benefits purposes, the money in an account is only considered to be available to both parties if the account is a "joint tenancy" between one party and the other where monies are pooled, (but not necessarily equally).

The account is not a joint tenancy where the account is set up for the administrative convenience of one party and monies are not pooled and there are restrictions on the purpose or amounts of withdrawals.

CRANKY40

If you speak to the bank they should be able to give you a form which your aunt can sign that will authorise you to withdraw money on her behalf.

starnight_2

stevonage wrote: »

She doesn't have a card, it's a building society savings account with a book. I would concider the power of attorney later on, but she still capable of making her own decisions, shes just infirm.

I would consider getting POA, my mother has it on one of my accounts. It doesn't stop your aunt from acting on her own behalf or making her own decisions when she wishes, it jut means you can act for her. The bank sent my mum the relevant documents that she needed for me to sign.

Edit: I forgot to point out my mother only has POA in this capacity over one bank account, so you could do this with your aunt, which would enable to both to access the funds.

munchings-n-crunchings

Hello,

Effectively, by adding your name, you will become a joint account holder.
So in the eyes of HB, and probably other benefits departments, 50% of that money is yours.

I handled my sister's money, and it was by far easier to have the account as 'joint'.
I got into hot water with HB, when they found out about the accounts.
I have never told them about the accounts, as I had always felt that they were my sisters, it was her money, and nothing to do with me. Fortuneately they were understanding, I had to get a letter signed by my sister, stating the arrangement and proving her money. I had no intent to defraud, it was a genuine lack of understanding of the implications, so I was lucky

I have now came off the accounts, and I'm a third party. No entitlement to the money, but I can withdraw money, and act for my sister in branch. HB are happy with this.

Regards
Munchie