Information and help about handicapped Uncle's ISA.

ses6jwg

You are going down a potentially dangerous road here. It is best to proceed with caution and think carefully.

grizzly1911

alanq wrote: »

Holding Uncle's money in an account in your name has problems

You will not be seen to be holding and using funds only for Uncle's benefit.
You will be paying the tax perhaps at a higher rate.
If you marry and divorce the funds would be considered yours and a share could be claimed by your ex-spouse.
If you die the funds will be part of your estate.
If you need means tested benefits the funds would be considered as yours.
The transfer could be regarded as deprivation of assets and funds would still be considered as Uncle's if he is receiving means tested benefits.
etc. etc.

If Uncle has severe learning difficulties it sounds as if he is not capable of running his own affairs. If that is the case then unless Uncle appointed Attorneys while mentally competent or the Court Of Protection has appointed Deputies on his behalf no one else should be running his affairs. If someone else has been granted such authority by the CoP then you would have to contact the Court to challenge the current arrangements.

If is considered competent to run his own affairs then hopefully that means he is competent apply to appoint you as an attorney.

Lasting Power of Attorney info available on DirectGov.

http://www.direct.gov.uk/en/Governmentcitizensandrights/Mentalcapacityandthelaw/Mentalcapacityandplanningahead/DG_186373

grizzly1911

Loughton_Monkey wrote: »

I am currently in a similar situation with a family member. A POA is being sought, but this is a slow process. Meanwhile, I found it quite easy to open Internet accounts on my relative's behalf. He has full access to his current account and credit card.

Even this strategy is, I am sure, a little bit 'unethical', in that the banks concerned are unaware that it is myself actually doing the keystrokes and managing the accounts. But not (as I understand it) illegal. But I stick to the principal that everything is in his name and that I can (and do) produce accounts. I don't actually 'spend' anything on his behalf. Just move the money around.

In this way, I can 'oversee' everything that is happening and would notice anything 'funny'.

Same here - exactly as you describe.

In my case the person is quite capable but it is just helpful from time to time as a comfort to them.