Enduring Power of Attorney - Additional attorneys

ChoppySea

My mother took out an enduring power of attoney many years ago. Due to her recent sight loss, I have used it to take over the control of her bank accounts.  Due to a recent housesale there is now a need to open new savings accounts to protect the monies if there is a problem with the bank.  I live 100 miles away from my mother,  and in normal times I would travel over and open the accounts, and register the as her attorney, but with the virus I am no longer able to travel.  One of my siblings lives closer to my mother and could open the accounts. Can she be added to the power of attorney, or would we have to set up a new one?  

Keep_pedalling

You would have to set up a new lasting power of attorney.

Bobziz

Will the proceeds of the house sale stay as cash in the bank for more than 12 months ? If not, then existing protections should be fine. Another option would be to transfer anything over the standard £85k amount into an NS&I account. However, having tried to do this myself as a poa recently, I wouldn't advise it.

Malthusian

As Bobziz says, it may be unnecessary (as long as the sale proceeds are under £1 million). If it is necessary, can't you just open accounts via post?

Your post suggests that creating a new Lasting Power of Attorney is not an option; if an Enduring Power of Attorney is being used it suggests your mother has lost capacity.

Keep_pedalling

Malthusian said:

As Bobziz says, it may be unnecessary (as long as the sale proceeds are under £1 million). If it is necessary, can't you just open accounts via post?

Your post suggests that creating a new Lasting Power of Attorney is not an option; if an Enduring Power of Attorney is being used it suggests your mother has lost capacity.

The OPs mother has lost her site, providing her mental faculties or still OK she should be able to make a LPA, which might be the better option in the long term.

BooJewels

Can you not open new savings accounts by phone with the same bank that your power of attorney is already registered with?  I've done it as both an attorney at the donor's bank and as executor of the same person's will with my own bank, as an estate account.  Just rang the bank and did both over the phone (at different times of course).  I've also opened savings accounts with my own bank over time on-line, as my bank allow several savings accounts for each current account.  So if you have on-line access to your Mum's bank you might be able to do it that way - I've just registered an LPA with another bank for an elderly aunt and they've just sent me on-line access security stuff.

I realise that might not be an ideal banking or financial solution long term, but might be a suitable interim arrangement until the situation improves - just to separate the money.

Another practical observation, setting up another attorney and registering that authority with a bank might take some time in the current environment - even in an emergency situation with this aunt (she's been victim of a large fraud), registering an LPA already set up 2 years ago, has taken 8 weeks with the bank - I started it at the very beginning of December and the papers started arriving this week.