Need advice for mothers money

wyattjnr

My mother and father have recently divorced and my mother is not of sound mind (she has had a very bad time of it). They have sold the house and my mothers money is sitting in her UK bank account and I am cautious with it being over the £85k protected amount of how to make it safe.
We have applied for POA so my sister and I can make the decisions on her behalf.
To further complicate things, my mum has gone over to Ireland to live in Ireland with my sis for what could be a long time.
I want to make sure she can make her money safe and also not incur large admin expenses of using her UK bank account in Ireland.
Any ideas?

jonesMUFCforever

Get the POA then register it with her bank.
I'm not sure whether a bank in Eire will accept a UK poa - if they will could she open an account there?
If not could she obtain any ID required to open an account online with help from your sister>?

sal_III

Can't comment on corss-border banking/PoA etc. But wanted to mention that her funds are secure (op to £1mil) for 6 months after the property sale, so no need to panic on that account:

https://www.fscs.org.uk/how-we-work/temporary-high-balances/

Ben8282

I am curious as to how someone 'not of sound mind' and who is incompetent to handle her own financial arrangements was able to obtain a divorce and sell her house
If she was competent to instruct a solicitor regarding the divorce, sign the necessary paperwork and then also sign the necessary paperwork to sell the house, she has not yet reached the stage of legal incompetence
Her leaving the country to go to live in Ireland will not assist in obtaining UK POA's. Is her mental state so unsound that she cannot go with you to a solicitor in the UK and arrange it? If she was competent to get divorced and sell her house surely she is competent to do this?
If there has been some rapid deterioration in her mental condition since I'm afraid you have a very big problem and you will need to obtain legal advice about how to apply to a court to TRY to obtain a POA but her absence in a foreign country may well complicate things especially with regards to obtaining the necessary medical reports and convincing a judge that you would be a suitable attourney, especially as she has gone off to live with a different family member in a foreign country. It won't be easy at a all.

born_again

Might be better for your sister in Ireland to sort POA out and have you added. As well if she is going to be in Ireland for a long time to apply for account over there. Joint acc with your sister would help as well in the short term. If you trust your sister.

Terry_Towelling

wyattjnr wrote: »

My mother and father have recently divorced and my mother is not of sound mind (she has had a very bad time of it). They have sold the house and my mothers money is sitting in her UK bank account and I am cautious with it being over the £85k protected amount of how to make it safe.
We have applied for POA so my sister and I can make the decisions on her behalf.
To further complicate things, my mum has gone over to Ireland to live in Ireland with my sis for what could be a long time.
I want to make sure she can make her money safe and also not incur large admin expenses of using her UK bank account in Ireland.
Any ideas?

First point to note; the money is safe - FSCS will cover up to £1M for 6 months for things such as the proceeds of a house sale.

Secondly, to whom have you applied (and how) to get POA?

Thirdly, what measure have you used to determine that your mother is not of sound mind?

Fourthly, (and I'm not being rude) your past gambling addiction suggests (to me at least) that you may not be the best candidate for looking after someone else's money.

fwor

I would add to the suggestion that, if her living expenses are likely to be incurred in Ireland for a long time, the money should be moved there as well, asap, to isolate her from the currency exchange risks of having savings in Sterling but costs in Euros.

This would then permit your sister to manage her funds locally to where she is living, rather than you having to do it from another country.