Options for depositing parents savings and house sale.

Shazza06

With the passing of my mother, I have an LPA for my father.  I have had to close my mother’s savings account as I could not transfer to his name and will also have the funds from sale of their house.  I will keep his current account to pay for his Care home but would like to know the best place to deposit the rest of his money.   I would appreciate any guidance on this matter please.  

Archi_Bald

Assuming your father is the sole heir of your mother's estate, the executor/administrator (you?) needs to pay it into a savings account in his name. Depending on the account T&Cs, the money might have to come from his linked current account, meaning the executor/administrator needs to pay into his current account first.

You may have a limited choice of account as not all can be opened with an LPA but you might be able to assist him with the opening of an online account? There is a wide choice of savings accounts, though you'd have to check whether the desired one(s) can be operated under an LPA. 

xylophone

Had you considered NS&I Income bonds?

This  account can be operated by an attorney.

The income could be paid into his current account if desired and help fund his fees.

Various savings accounts  can be operated by an attorney.

My relative  (attorney) operated accounts with Halifax, Barclays, Santander, Coventry, NS&I, Leeds, Paragon, Investec etc as well as stocks and shares portfolios  with HL and II.

You need to contact the institution and enquire about their process for doing this - the PoA has to be registered  with them and there is normally a special form to complete.