Transferring money to my account

Hi
My dad has a terminal illness.
His money will go to Mum.in his Will
Not enough assets for IHT.
Mum wants to transfer money from Dads account to my account.  Is this allowed?
Thanks.

Comments

  • tacpot12
    tacpot12 Posts: 7,947 Forumite
    First Anniversary Name Dropper First Post
    edited 6 December 2020 at 10:20AM
    Why can't your Dad transfer the money? What is the purpose of the transfer? Does your Mother have Power of Attorney for your father? 
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • TELLIT01
    TELLIT01 Posts: 16,461 Forumite
    First Anniversary First Post Name Dropper PPI Party Pooper
    Is the account the money is to be transferred from in your father's name only?
  • Hi
    In otder:
    Incompacitated.
    To give children money before he dies.
    Me, brother and Mum are on the LPA.
    Yes his non joint account.
    Thanks.
  • tacpot12
    tacpot12 Posts: 7,947 Forumite
    First Anniversary Name Dropper First Post
    Thank you for these answers. Unfortunately, they mean that you can't move this money. To move the money from a non-joint account, the LPA can be used, but only if it is in your father's best interests. There is no benefit to him of moving the money so it would be an abuse of the LPA. 
    You Mum will inherit, and can make a Deed of Variation to give the children money after he has died. 
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Thank you very much tacpot12.

  • Savvy_Sue
    Savvy_Sue Posts: 46,018 Forumite
    Name Dropper First Post First Anniversary
    tacpot12 said:
    You Mum will inherit, and can make a Deed of Variation to give the children money after he has died. 
    And she doesn't even need to make a deed of variation if on her death there won't be any IHT to pay either. 

    However, she should make sure that she is leaving herself well able to cope with whatever life may throw at her now. For example, if she is also in poor health and there is the possibility of her needing care either in the home or residential, she should hang onto it. Better to have money and choice in these matters than the alternative. 
    Signature removed for peace of mind
Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.9K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards