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What to do with ISA in Dad's name

stampyfoot
Posts: 21 Forumite
I hope I have posted in the right forum. Dad was diagnosed with a progressive neurological disease and is now very physically incapacitated. He still has full mental capacity. My mum is his main carer and also has to do all household tasks including organising the finances.
However my dad still has an isa in his sole name only and my mum could really do with this money to help pay for his carers etc... (There is also an ongoing saga with the continuing healthcare assessments not scoring enough to release further home care funding).
I have advised mum to go into the bank where the Isa is held to find out if there is anything she can do to access this. There is no lasting power of attorney as mum was wrongly advised that this would cost thousands of pounds. I believe this is wrong and that she can still apply to be LPA although my dad would no longer be able to fill out the form to register as he is physically unable to write but should be able to manage a shaky signature.
Is it worth getting a LPA set up given the situation, could we still download the forms and fill them out and bring an independent witness in to witness the signatures or has it been left too late given the physical incapacity and would this help mum to access the isa?
However my dad still has an isa in his sole name only and my mum could really do with this money to help pay for his carers etc... (There is also an ongoing saga with the continuing healthcare assessments not scoring enough to release further home care funding).
I have advised mum to go into the bank where the Isa is held to find out if there is anything she can do to access this. There is no lasting power of attorney as mum was wrongly advised that this would cost thousands of pounds. I believe this is wrong and that she can still apply to be LPA although my dad would no longer be able to fill out the form to register as he is physically unable to write but should be able to manage a shaky signature.
Is it worth getting a LPA set up given the situation, could we still download the forms and fill them out and bring an independent witness in to witness the signatures or has it been left too late given the physical incapacity and would this help mum to access the isa?
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Comments
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stampyfoot wrote: »I hope I have posted in the right forum. Dad was diagnosed with a progressive neurological disease and is now very physically incapacitated. He still has full mental capacity. My mum is his main carer and also has to do all household tasks including organising the finances.
However my dad still has an isa in his sole name only and my mum could really do with this money to help pay for his carers etc... (There is also an ongoing saga with the continuing healthcare assessments not scoring enough to release further home care funding).
I have advised mum to go into the bank where the Isa is held to find out if there is anything she can do to access this. There is no lasting power of attorney as mum was wrongly advised that this would cost thousands of pounds. I believe this is wrong and that she can still apply to be LPA although my dad would no longer be able to fill out the form to register as he is physically unable to write but should be able to manage a shaky signature.
Is it worth getting a LPA set up given the situation, could we still download the forms and fill them out and bring an independent witness in to witness the signatures or has it been left too late given the physical incapacity and would this help mum to access the isa?
An ISA is an INDIVIDUAL savings account and since your father still has full mental capacity he should be able to withdraw cash from his isa whenever by completing the appropriate form.The only thing that is constant is change.0 -
For an LPA you need:
someone to certify the donor knows what they are doing - you can pay a doctor, etc, but a family friend that knows them is perfectly acceptable
someone to witness them signing - a shaky signature wouldn't matter0 -
As your dad's disease is progressive, you should definitely get an LPA. You can do it yourself, it doesn't cost thousands.0
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Does your mum and dad do internet banking.
If we want to take anything out of our ISAs, we just transfer some out of our own to the joint current account. And then withdraw it from theire.
Job done, it really is as simple as that.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Just spoken to someone that has to deal with these documents he said they don't usually accept any that aren't witnessed by a solicitor due to the possible come back if it is false. I know you sound like you are in agreement with this but it is the con artists that ruin it for everyone else.
Some solicitors will come out to your father's home but you may need to check if that would be more expensive than dragging him to the office if he is able. Certainly don't think it is thousands.From the late great Tommy Cooper: "He said 'I'm going to chop off the bottom of one of your trouser legs and put it in a library.' I thought 'That's a turn-up for the books.' "0 -
Maybe things have changed in the last couple of years, but we did a POA for my mother 3 years ago (just in time as it happens). It would have cost £120 except she did not have much money so it was free. No solicitor was required, just, in her case, a doctors signature. I did get a quote direct from a solicitor and she quoted £570 but said it would be a waste of mothers money as we would be quite capable of filling in the forms ourselves. Why don't you try downloading the forms as see how you feel about DIY. It costs thousands only when the person has lost mental ability & it has to go to court.0
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Just spoken to someone that has to deal with these documents he said they don't usually accept any that aren't witnessed by a solicitor due to the possible come back if it is false.
An LPA can't be used until it is registered with the Public Guardian's office. Once they have done so, it is a valid legal document whoever has witnessed it.0 -
One of the reasons I would advise anyone getting on in life to have internet banking and have someone they trust know the log-on details.
My brother-in-law was involved in an accident and was in a coma for weeks, he dealt with all the finances in his home and my sister didn't have a clue.
Luckily? he had internet banking and because of this she was able, with my help, to access his bank account.
Might not be strictly legal but it saved a lot of bother.0 -
I think there is some confusion here between LPA property and financial affairs (with which medical staff and assault has less than nothing to do) and LPA Health and Welfare where yes there can be an issue.
The two are different - don't get the requirements confused
LPAs registered are usually where there is a Court of Protection because the person doesn't have a relative able to do this.
is utter nonsense for a property and financial affairs LPA0
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