How can I get access to saving my Grandad has for me ?

BobQ

atush wrote: »

I think getting a POA is a good idea, but I would take Grandpa down to the bank himself with all the things you need, having made an appt. Use a taxi and wheelchair if necessary. Choose a day when yo think the weather will be good (such as today) and if he feels unwell that day, reschedule.

Get your acct sorted, then become/act as POA for him and your grandmother and start sorting out their finances. Start by checking to make sure they aren't overpaying on utilities/insurance etc.

OP, however genuine your motives, you do need to consider how your actions might be viewed by those with a less charitable view of events such as those in a few in other posts above.

If your Grandad is capable of explaining his wishes to Halifax I agree it would be best to take him down there to sort it out. However, I think it would be in your own interests to consider asking someone else to go with your Grandad, a family friend who has no possible conflict of interest, for example. By all means drive them down there, but go and have a coffee while the business is conducted. If you attend and try to prompt him I think Halifax will be suspicious of your motives.If he cannot explain his wishes himself, I suspect the Halifax will ask for a POA to release the money.

From your other post a year ago it seems your Grandad has saved this money over the years for you in which case it is his money not a trust. From your desciption of your Grandad's condition. I think that unless you have good reason to think that he will not need to go into a care home (or can fund it entirely from other assets) any substantial transfer of assets to you will be treated as potentially deprivation of assets. You should not ignore this as they may also question his competence to make such a transaction if it happens a month or two before a POA is granted to you.

A POA is a good idea, but can also be shared between you and someone else. However, as others say a transfer of a gift to the person granted POA would also be viewed suspiciously by anyone (including the local authority paying for care).

BobQ

Yorkie1 wrote: »

Xylophone has explained it well; usually it relates to going into residential care or any means-tested benefits.

However, your reference to home care may - depending on the facts - also bring in deprivation of assets issues.

If, by giving away money to you, he ends up needing the state to fund an element of the home care - then again he is likely to be treated as deliberately given away his money in order to avoid having to pay for the care himself; as a result the local authority can treat him as if he still had the funds, and refuse to pay for the care.

OP in addition, note that the local authority before funding any care home fees will want to explore any financial transactions of a significant sum in recent times and could choose to look back several years

brasso

Where are the OP's parents in all this? Did I miss this bit?

The reason I'm slightly dubious about this is that there seems to be just him and the two incapable grandparents but no one else at all. Not impossible of course, but if this is the case, he needs to visit the Citizen's Advice or a a high street solicitor and have a frank discussion about his options rather than try to sort this out by asking a bunch of strangers on an internet forum.

As someone has said it must involve expert medical and legal advice from qualified people.

jacobcrespo

If you are the owner of the money the bank will tell you what they need from you... ID and proof of address

xylophone

Where are the OP's parents in all this? Did I miss this bit?

See post 50

No not at all, they'd be terrible at it. They have no organisation when it comes to money. They are the type's that only have one current account and keep all their money in that, no saving's nothing, they have no money sense.

brasso

xylophone wrote: »

See post 50

OK thanks - I did see that but skim-read it as a comment on the grandparents.

Hmm. So we have grandparents who are totally inept with money, and we have parents who are totally inept with money, and a grandson who seeks advice and information from an internet forum about getting the grand-dad's money.

I might be wrong, but this all makes me slightly nervous. Am not totally convinced that the grandson is acting from the best of motives. He has to talk to the experts and get proper guidance and authority. And I don't care what he says about his parents. They have to be consulted, and have to have a lawyer explain to them what the options are, and the possible consequences of these options.