How much do they charge for....

Newly_retired

Unless the OP knows that s/he is likely to need to go into a care home in the near future, it is entirely possible that s/he could live another 20+ years. Meanwhile, given the pitifully low interest rates these days, it pays to run a number of current accounts, regular savers etc, in order to generate the best rates. But it is also sensible to automate the recycling of money through these accounts, and to keep a list or spread sheet of what accounts you have, in case you are suddenly incapacitated by an accident or a stroke. If I knew I was likely to be going into a home I would simplify my accounts so that they could be run more easily. ( I don't have nearly as many, and no real complications either ), but have used advice and forums to set things up to get the best interest I can. So I suppose I can understand where the OP is coming from. Best to simplify now if you know you would have to pay someone to sort it out.

Spendless

Have you made a POA?

My Grandmother went into a care home a couple of years ago. She had around 4 different bank accounts. To simplify things my Mum once she gained POA moved all money into one account and closed the others so she could see the incomings/outgoings. My Gran had a property that had to be sold and the money went into the one bank account.

I don't think you can expect someone to manage your finances in the manner you are doing, and continue to generate the extra income you do but if someone has POA and you have to go into a care home so long as they have the details about your bank accounts (ore know where to find them) then can't they just shut the surplus accounts to make your financial affairs easier to manage?

enthusiasticsaver

Ah, so I guess you are into "stoozing"? - borrowing on credit cards to save in current accounts?. I had a similar conversation with my mum who is 81 and moves money around a lot to gain the best interest. We have written down all her accounts on a spreadsheet so when the time comes I can wind it down as I have POA for her. She invests in fixed term savings though and does not borrow on credit cards.

It is very difficult to know when you are getting to a stage when you can no longer manage your financial affairs and I guess at 73 you still find you are able to do that. Do you depend on the 1500 or do you do it simply because you can?

It might be advisable to slowly withdraw from the stoozing game to make it easier for your friend when the time comes.

pollypenny

You run all these accounts, but didn't know that you could manage them or close them by phone? What about online?

Not blooming likely.

helcat26

The thing you also need to consider is that it is not always possible to plan.
When I took on power of attorney for my father 89 (still well and in his own home) we had to have discussions about the effect of sudden events - stroke etc, as well as the possibility of losing mental capacity.
So it is helpful to put a power of attorney in advance- it takes at least 2 months to get the paperwork back.
The other thing that I think you need to face is that while being in a position of having power of attorney is something we do for people we care about, it is a major pain in the backside. Very time consuming, in the past I have had to clear, clean and paint houses, visit and assess multiple care homes, go to medical appointments, been on hold on the phone for ages to banks and tax offices- and that is all the normal stuff.


You don't do this thinking it is all ok because I am getting my expenses covered you do it because you care about the person.


I think it would be unfair of you to ask someone to be your power of attorney without first explaining the complexity of your finances.


I also think you are being unfair if you expect that person to give up their job/ life to handle your un-necessarily complex financial situation, in addition to the other things they will have to deal with.

helcat26

This document might help you also
http://www.rochdale.gov.uk/pdf/2015-11-17-Managing-Service-User-Financial-Affairs-Policy-Practice-Guidance.pdf


it is from Rochdale but refers to government policy and fees so will give you a general idea.


looks like if you used "official" financial services in addition to them only providing limited support, they would charge annual fees ranging from £300 to £700 and will not provide the service to people with over £16,000

badmemory

Surely this would depend on why you need to go in a care home. If it strictly because of physical problems then there is no reason why you shouldn't continue to manage your own finances. However, if you think about the situation logically, then if it takes you 3 days to sort then maybe a professional could do that in 2 days. So 16 hours at a minimum of £100 per hour and that is all your profit gone.

Primrose

I had power of attorney for my father and discovered he had about 12 different savings accounts (for which he had lost all the details, so you can imagine what a nightmare that was trying to track them all down! ). He'd opened all these accounts many years previously because a small pension provider with whom he had a connection had gone bust so naturally he wanted all his money spread around in different baskets.


I had a full time job and many other commitments so there was no way once I'd eventually tracked down all the accounts that I was going to juggle so many different balls and I consolidated them into two different savings accounts. I think any professional paid individual would have done the same thing.


Unless your accounts are so diversified because the amounts in them would put you over the government compensation limit I think it's truly unrealistic to think that anybody is going to run your financial affairs in the painstaking way you do. It sounds as if it's almost become a hobby. If you can afford to live comfortably without all the financial incentives, start consolidating and simplifying your affairs now. Losing mental capacity is a slow process but I suspect by the time you start struggling with managing your affairs you may already have tipped beyond the point where you will be able to consolidate in a rapid and sensible way.


None of us like getting older and we all fear what you do. But an independent person managing your financial affairs will be like the people who have to clear your house when you go into care or die. The contents may matter to you but nobody else will want the hassle of them they will probably just go to a charity shop or into a skip.

Consolidate and simplify things now while you still can !

consumers_revenge

Youre 72 and running a complex system of 25 accounts, direct debits, transfers of funds, 0% cards.


Are you Martin Lewis's mum?

theoretica

I assumed the OP was only thinking that their attorney would possibly need to give up work for a few days - ie use up their holiday time - to take care of this.

Closing down your system shouldn't be too arduous, so long as you keep them up to date with a listings of all the account numbers and any which need to be shut or cancelled in a specific order.