Question re: elderly parents' investments/POA
phoebe1989seb
Forumite 4.5K Posts
Hi there,
Not sure if this is the best place for this query so mods please feel free to move it if not
Some years ago my Father invested some money in my Mother's name with Hargreaves Lansdown in a Share Management Portfolio (think that's what it's called!). Since then she has developed Alzheimer's and my Father has a POA in place (registered with OPG) although despite informing H&L of such, he hasn't sent them a certified copy as yet.
In the meantime not only has the value of the investment dropped considerably, but my Father has also been diagnosed with a mild cognative disorder and he in turn has appointed me to have POA over his own affairs. Again this has been registered with the OPG, but nothing further done as he has good and bad days meaning that on a 'good' day he will refuse to allow me to advise him yet on a 'bad' day he hasn't a clue about his finances and begs me to take control
It looks increasingly likely that either one or both of them will need to go into a home at some point - they had a care package in place but he cancelled it, believing they could manage fine without help even though I am an only child, live some 70 miles away and doYn't drive - and therefore despite there being considerable equity in their property (owned outright), I believe in the short term it would be both beneficial to have more ready access to the money invested with H&L and also to gain access to it before it dwindles away entirely. Obviously in the longer term DH and I are looking to persuade them that selling up is in their best interests, but for now they are not convinced.
My question therefore, is -
Is it possible for me to exercise my POA over my Father's affairs to supercede that which he holds over my Mother's to enable me to get the funds withdrawn and paid into one of their current accounts or some such?
Many thanks in advance for any advice you can give
Not sure if this is the best place for this query so mods please feel free to move it if not
Some years ago my Father invested some money in my Mother's name with Hargreaves Lansdown in a Share Management Portfolio (think that's what it's called!). Since then she has developed Alzheimer's and my Father has a POA in place (registered with OPG) although despite informing H&L of such, he hasn't sent them a certified copy as yet.
In the meantime not only has the value of the investment dropped considerably, but my Father has also been diagnosed with a mild cognative disorder and he in turn has appointed me to have POA over his own affairs. Again this has been registered with the OPG, but nothing further done as he has good and bad days meaning that on a 'good' day he will refuse to allow me to advise him yet on a 'bad' day he hasn't a clue about his finances and begs me to take control
It looks increasingly likely that either one or both of them will need to go into a home at some point - they had a care package in place but he cancelled it, believing they could manage fine without help even though I am an only child, live some 70 miles away and doYn't drive - and therefore despite there being considerable equity in their property (owned outright), I believe in the short term it would be both beneficial to have more ready access to the money invested with H&L and also to gain access to it before it dwindles away entirely. Obviously in the longer term DH and I are looking to persuade them that selling up is in their best interests, but for now they are not convinced.
My question therefore, is -
Is it possible for me to exercise my POA over my Father's affairs to supercede that which he holds over my Mother's to enable me to get the funds withdrawn and paid into one of their current accounts or some such?
Many thanks in advance for any advice you can give
Mortgage-free for fourteen years!
Over £40,000 mis-sold PPI reclaimed
Over £40,000 mis-sold PPI reclaimed
0
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Replies
Age UK may also be able to give general advice.
I'd also suggest that you can't afford to get it wrong, so paying for legal advice could be sensible.
katsclaws
Thanks Katsclaws.......will do
Phoebe x
Over £40,000 mis-sold PPI reclaimed
What you're suggesting (using your Dad's PofA to act as PofA for your Mum) sounds really dodgy, when I think about it!
Words, words, they're all we have to go by!.
(Pity they are mangled by this autocorrect!)