Help needed with POA

Zanderman

Re teh OP's point - as others have said each bank is different.

PoA for Lloyds - 3 attorneys - and we all had just one login, which the system considered to be the account holder, not attorneys. Which I thought was very bad - as there was no accountability. As it was only one of us managed the account, so it was ok, but if more than one did it would get very confusing.

PoA for NatWest - same 3 attorneys - and we all had to get different and separate online logins and different, separate phone logins - and on logging in it clearly stated PoA after the account name. Much better in principle - though led to other confusion such as, if opening a new savings account on that login, it gave the account holder as the attorney, not the donor with no reference to PoA. Which I also thought was very bad - as it made opening savings accounts that were actually the donor's account very difficult.

colsten

BooJewels wrote: »

That would suggest that you don't actually trust your attorneys, which maybe doesn't make them suitable choices.

You are making (wrong) assumptions about circumstances you have absolutely no idea about.

Zanderman wrote: »

And, I'd add, you won't, necessarily, be the first to know that you're not compos mentis. You may think you are, when you aren't. So there may well be a need for attorneys to take control.

I can't recall that I said I would be the one who would notice that I have lost the mental ability to manage my finances. I totally agree that there might be a need for the attorneys to take control - it's their role and responsibility to act as and if needed.

BooJewels

colsten wrote: »

You are making (wrong) assumptions about circumstances you have absolutely no idea about.

Deliberately, to make a point. You are very quick to tell other people how they should arrange their finances when you personally don't approve, so now you know how it feels when others make assumptions and pass judgement on your private affairs.

I'm happy that you've set up and LPA, as it will make someones life easier at some time in the future. Although I would add that whilst they make things possible, they don't make it especially easy either. Maybe with good reason, but boy have I spent a lot of time trying to get things done in the last few weeks.

Ben8282

I would like to suggest to individuals possessing POA's for elderly relatives etc to strongly consider, assuming the relative still retains capacity at this point, asking the relative to set up a third party mandate to enable them to manage the bank account on their behalf rather than registering the POA with the bank and using the POA to manage the account. This way the bank does not have to be aware that the relative has diminishing capacity and can avoid any problems or actions to the account holder's detriment that the bank may take.

BooJewels

Ben8282 wrote: »

This way the bank does not have to be aware that the relative has diminishing capacity and can avoid any problems or actions to the account holder's detriment that the bank may take.

Isn't that the point of the LPA? Granted, I've not been doing this very long and have limited experience - but I've found all of the financial institutions to date to be supportive and helpful and keen to work with me to avoid problems and suggesting better ways of doing things than I was thinking.

It's been hard work going through the process of registering the LPA in order to get things done - it makes even simple processes a bit long winded, but I've had nothing but support and sympathy from almost everyone I've dealt with. It never occurred to me that any of them might be thinking he had diminished capacity which might affect the way they respond, as in dealing with me, they're effectively and legally, dealing with him anyway.

blue.peter

cloud_dog wrote: »

We (brother and I) have PoA for mothers bank account (HSBC) and there have been no changes to the account, address, statements etc at all. Nor would I expect there to be.

They will change addressing instructions on request. My sister and I are attorneys for our elderly mother. We look after all her financial affairs for her, as our father did this until his death. Her banks send all correspondence to us (Halifax to me, Lloyds to my sister).