Safest way to withdraw large sum of cash in respect of AML precautions

born_again

BooJewels said:

@born_again - there are issues with your suggestions too - the new Attorney is the person she earlier had concerns about - so waiting may be potentially more problematic.  It's pretty much a no win situation. 

Having said that, I am also not fully sure that a new LPA has actually been organised.  I have a feeling that I may have been revoked without a new one being done.  Which strikes me as foolhardy and I seriously hope that I'm wrong, but that has to be her decision.  My son and and I have spent some time explaining how it can be advantageous, with real world examples of how I've been able to help other family members, using theirs, but I really think that she just doesn't get it, can't see the value in it and was probably quite happy to be presented with an opportunity to be rid of it.

Ah.. Thanks
If you have doubts about this person & feel that the elderly family member is vulnerable. Then report it to your local council's adult safeguarding team.

Situations like this are a nightmare.

BooJewels

Thanks @born_again - it is a nightmare - it would already be tricky with my husband around, who was a voice of reason, but without him, it's a whole new level of complication. I was talking earlier to my son and saying that if I thought for a moment she was actually vulnerable, I'd stick to my guns to protect her and would never have suggested revoking the LPA for a quiet life personally.  I will continue to monitor it closely though and won't be affeared of wading in if I feel there's an issue.

As an update, I grabbed the bull by his great big prickly horns earlier and broached the whole banker's draft idea and she thought it was a brilliant idea and was already re-thinking it herself, as she'd like to buy some premium bonds.   I hope that she can keep that idea in her head for a few days longer.  

EssexHebridean

That’s an excellent outcome then - make haste to the bank to get it sorted, and delivered to her! 

born_again

BooJewels said:

Thanks @born_again - it is a nightmare - it would already be tricky with my husband around, who was a voice of reason, but without him, it's a whole new level of complication. I was talking earlier to my son and saying that if I thought for a moment she was actually vulnerable, I'd stick to my guns to protect her and would never have suggested revoking the LPA for a quiet life personally.  I will continue to monitor it closely though and won't be affeared of wading in if I feel there's an issue.

As an update, I grabbed the bull by his great big prickly horns earlier and broached the whole banker's draft idea and she thought it was a brilliant idea and was already re-thinking it herself, as she'd like to buy some premium bonds.   I hope that she can keep that idea in her head for a few days longer.  

Good luck. I hope it goes well on this option. You can then settle down and deal with your own life. 👌

someone

BooJewels said:

Consequently, having reminded her about this money, which she claimed to have totally forgotten about, she's been giving it some thought and now wants it back with some urgency, as cash.  I am happy to return it, I was never comfortable with the responsibility of having it - and am certainly not now - hence I reminded her about it.  I would be much happier to transfer it digitally, but she's having none of it and without account numbers, I can't force that option.

Without a major upcoming expense cheque is the way to go. Will create a paper trail for you but at the same time "traditional enough" to be acceptable. It also leaves her to deal with moving it into cash if that's her wish.

As well as the cheque I would hand over a

 * FSCS leaflet from a bank branch to reminder her that amounts up to £85k are covered per institution. If her bank is part of a group then it might be worth including a list of brands that are part of it (see Which banks are linked? from this page https://www.moneysavingexpert.com/savings/safe-savings/ )

* Application form for Government Backed NS&I premium bonds as someone who does not trust banks to hold a large deposit may trust premium bonds

With the above you would have discharged your responsibility in a fair way and may discourage her from keeping it at home.

BooJewels

@born_again - thanks.  That would be nice.  I'm just clearing and selling my parents' house and once that is completed - hopefully in January - it would be nice to just do things that I want to do for myself for a short while.  A bit of self-indulgence.

@someone - if you scroll up about three posts from your own, you will see that is pretty much how it has been resolved.  By chance, the savings accounts statements that I've printed out for her to show the interest do have the FSCS information printed on the back of the pages.  It's not banks that she doesn't trust, but the fact that back in time, when this first started, she thought her account had been compromised by a family member that she thought might relieve her of her savings if anything happened to her and he ran amok, spending on her account.  She was hiding it from him, no one else.  As my husband was executor of her will, she wanted to ensure there was enough funds left to leave what she wanted to the grandchildren, so effectively, gave it to him for safe keeping in advance - plus as an emergency fund if she was incapacitated or something.