Investing money for elderly Mother

jackieb8man

My husband and his sister has an enduring power of attorney in place for my mother in law who sadly has alzheimers. She is currently in a care home and her house is on the market. Can anyone advise me as to whether when the house is sold my husband and sister will be able to open savings accounts in their mothers name with the proceeds of the sale without my mother in laws signature or involvement.
Many thanks

BitterAndTwisted

I would have thought that enduring power of attorney would mean that they could do exactly that. It just means that they would need to show the appropriate documentation when opening any accounts

Mr.Mulla

Yes I believe they can since they are holding the enduring power of attorney. In the same way that they can also negotiate the selling of the house.

jackieb8man

:A

BitterAndTwisted wrote: »

I would have thought that enduring power of attorney would mean that they could do exactly that. It just means that they would need to show the appropriate documentation when opening any accounts

Thanks,
we thought that was the case but then you start to wonder when there seems so much red tape involved when opening accounts these days.

jackieb8man

:A

Mr.Mulla wrote: »

Yes I believe they can since they are holding the enduring power of attorney. In the same way that they can also negotiate the selling of the house.

Thanks,
As I said to Bitter and twisted thats what we thought but then you start to worry that you might need to do something else. There always seems to be some other hurdle to jump through when you are in these difficult situations.

Savvy_Sue

Some banks are better than others for opening and managing 'attorney' accounts, it would be worth doing a search on the Over 50s board to check which ones ...

Pee

Is the EPA registered? If MIL has capacity then it doesn't need to be registered, but any decisions should be ran past her. If she doesn't have capacity then it needs to be registered and then they can act in her best interests.

If there is a substantial amount of money, i.e. from the house sale, it might be worthwhile speaking to an Independent Financial Adviser and seeing some ideas for how to structure the investments.