Joint Bank Accounts, Whose Money?

Keep_pedalling

theforest said:

eskbanker said:

... it would usually be more appropriate for you to use Power of Attorney in these circumstances to assist with managing his money on his behalf rather than effectively splitting it between you.

Already had both Powers of Attorney at the time, but becoming a joint account holder seemed a sensible option with him losing the ability to manage and, sadly, for the future outcome.

Not sure what the situation is with your continuing to occupy his house if he ultimately needs access to more funds than are in the bank account...

I would be made homeless if that were the case. I have been told the house would not have to be sold as it's my home and I'm over 60, however I've yet to verify that with official information.

...hopefully someone with more knowledge in this area will be along to advise....

That could be useful.

As you are over 60 and don’t own any other property the house will be discarded in the financial assessment.

Good to know you have LOAs in place. If you had lodged that with the bank you would have been given full access to the account with your own card so no need to complicate things with joint accounts. 

Zanderman

theforest said:

eskbanker said:

... it would usually be more appropriate for you to use Power of Attorney in these circumstances to assist with managing his money on his behalf rather than effectively splitting it between you.

Already had both Powers of Attorney at the time, but becoming a joint account holder seemed a sensible option with him losing the ability to manage and, sadly, for the future outcome.

Too late now but becoming a joint account holder was not a sensible option if If you had LPA in place. The LPA allows you to manage his personal account without making it joint and without confusing ownership. 

One option now, surely, is to get rid of the joint account and simplify things appropriately - his money put in his account in his own name, but you manage it under LPA.  But the history would still be there unfortunately. 

Money_Grabber13579

Zanderman said:

theforest said:

eskbanker said:

... it would usually be more appropriate for you to use Power of Attorney in these circumstances to assist with managing his money on his behalf rather than effectively splitting it between you.

Already had both Powers of Attorney at the time, but becoming a joint account holder seemed a sensible option with him losing the ability to manage and, sadly, for the future outcome.

Too late now but becoming a joint account holder was not a sensible option if If you had LPA in place. The LPA allows you to manage his personal account without making it joint and without confusing ownership. 

One option now, surely, is to get rid of the joint account and simplify things appropriately - his money put in his account in his own name, but you manage it under LPA.  But the history would still be there unfortunately. 

But remember there could potentially be IHT implications of doing something like this, if he’s likely to be over the threshold.