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How best to enact power of attorney Minimum fuss, but maximum visibility

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How best to enact power of attorney Minimum fuss, but maximum visibility

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Hi
I'm about to enact power of attorney, but want Dad & my siblings to have maximum visibility.
Dad will also use the account(s).  Any suggestions on what to do & to avoid?
Cheers 

Replies

  • Keep_pedallingKeep_pedalling Forumite
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    When you say enact, do you mean that the LPA is already registered and you now need to instruct the bank or are you just about to register the LPA?
  • GersGers Forumite
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    I assume you mean actually use the POA?
    I keep every receipt and log every penny I spend of my DM's money.  I have a debit card in my name for her current account and only use that for buying groceries etc.  I withdraw a small amount of cash each month, keeping the receipt, and use it to pay for her cleaner and window cleaner.  Everything on a spreadsheet.  She can see her account on my smartphone and she sees her paper bank statement every month.

    In my case there are no other family members to consider, however I feel the responsibility of managing her money is something I need to respect.

    Hope this helps.
  • New2u_2New2u_2 Forumite
    4 posts
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    Hi KP, thanks for coming back on this point. I have it ready, but have yet to register it with any one bank. There are multiple bank accounts. I want to understand other people's experiences so I can get a simple online network of accounts that give both access & visibility. .
  • Keep_pedallingKeep_pedalling Forumite
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    Well your father will have visibility as he is the main account holder, but your siblings will have none and have no right to see his accounts. You should keep annual accounts in case you are ever challenged.

    You made a potentially costly error if you are the only attorney and there is no back up if anything happens to you.
  • New2u_2New2u_2 Forumite
    4 posts
    Ninth Anniversary First Post Combo Breaker
    We are good, there are two of us. Both have health & wealth, but we have split the work between us.
    Many thanks
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