Ordinary Power of Attorney

jeanniej

Can someone with experience of setting up one of these please answer a few questions for me?

I am considering this for an older parent I care for.

Due to age and health conditions it is getting increasingly difficult for them to get to the bank to make withdrawals etc.,

I have been advised that an 'Ordinary Power Of Attorney' is the most suitable option in order to give me the authority to access their accounts to make withdrawals and pay bills on their behalf which I am quite happy to do. However, one problem no one seems able to answer (even the bank or any material I can find online) and that is what would happen if I was temporarily unable to carry out these responsibilities say due to my own ill health?

I know that a power of attorney can be revoked but would my parent still have access to their accounts if necessary?

Thank you

henm2

For a good quick guide to powers of attorney see this http://www.ageuk.org.uk/money-matters/legal-issues/powers-of-attorney/ordinary-power-of-attorney/
Most powers of attorney set up nowadays are' lasting powers of attorney' but it is still possible to set up an 'ordinary power of attorney' but this latter one will last only as long as the 'donor' (person giving the power) is still mentally capable.
If the attorney(s) (person acting on behalf of the donor) becomes incapable for whatever reason mentally or physically of being able to act then the power of attorney will in practice cease to be of any use. If the attorney just has physical impairment some banks do allow third party interent banking and telephone banking.
Your parents will still have access to their accounts provided the bank is not on notice that they have become mentally incapable.

Keep_pedalling

I am in the same position as you and we set up a lasting power of attorney, to cover finance for my mother. An aged parent is only likely to have more health issues so an LPA is the best option, but don't leave it long, if you parent became unable to make there own decisions through a stroke or dementia you will not be able to set one up.

The process is fairly straight forward and you can find the required forms here.

https://www.gov.uk/power-of-attorney/overview

EssexExile

If you have power of attorney your parents can still access their accounts. The power of attorney doesn't mean that you have to do it, just that you can.
Me & my two sisters have power of attorney over our father's financial affairs but none of us have used it yet as he is still capable of doing it himself.

Mojisola

If it's just help with the bank account, go on your parent's accounts as a 'signatory'.

PasturesNew

When you set up a PoA you should get/ask for your own card and cheque book, separate from the main account holder's. That way you and they have equal access and both are traceable as to who did what.

My bank card said POA as part of the name line so you wouldn't get the two cards confused ever.

agrinnall

Mojisola wrote: »

If it's just help with the bank account, go on your parent's accounts as a 'signatory'.

But being a signatory doesn't give you the legal responsibility to act in the best interests of the donor that an LPA does - the signatory could clear out the donor's bank account and spend it on booze, drugs, gambling and loose women/men/small furry creatures from Alpha Centauri and the donor could do nothing about it.

Mojisola

agrinnall wrote: »

But being a signatory doesn't give you the legal responsibility to act in the best interests of the donor that an LPA does - the signatory could clear out the donor's bank account and spend it on booze, drugs, gambling and loose women/men/small furry creatures from Alpha Centauri and the donor could do nothing about it.

So could someone with LPA. Unless the donor was willing to take their relative to court, nothing would be done.

jeanniej

Thanks for all replies they have been most helpful.