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How can I invest as Power of Attorney

Good_Old_Granny
Posts: 3 Newbie

I hold power of attorney over my mums estate. Having recently sold her house (she is in a nursing home) I need somewhere to invest the proceeds. I'm struggling to know how to go about it. I have tried Investec but their account opening process has to be done by the account holder. Something which isn't possible at the moment.
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I'm struggling to know how to go about it. I have tried Investec but their account opening process has to be done by the account holder.Is that investing or saving? (investec do both)Having recently sold her house (she is in a nursing home) I need somewhere to invest the proceeds.Typically, investing money for someone in a nursing home is not a good idea. It sometimes pays off but when the average life expectancy of someone in a nursing home is about 2-3 years, that is insufficient time to be invested.
Some providers will not allow opening under a POA but others will. If it's savings, her own bank will likely be the easiest option.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.3 -
If you go for basic savings as suggested by Dunstonh theres plenty of information out there. Heres one idea;I assume you are aware of the £85,000 limit to compensation in the event of the institution going down the pan. You may wish to spread the cash around to avoid exceeding this.robber
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NS&I do POA accounts including premium bonds, although their processes are painful. I've found Nationwide to be very accomodating and efficient.
Worth reading this if you haven't already done so: https://www.gov.uk/guidance/investing-for-someone-as-their-attorney-or-deputy1 -
Were you looking for a savings account from Investec?
https://www.fairinvestment.co.uk/power-of-attorney-savings-accounts/
Above suggests that it is possible for an Attorney to manage an Investec account on behalf of the donor - relative (up to donor's death some two years ago) managed accounts with Investec on her behalf).
He actually took the PoA document up to London and exhibited it at the Investec branch - he said that it took a couple of weeks to sort out registration as apparently there has to be some liaison with account services in South Africa.
https://www.investec.com/content/dam/united-kingdom/downloads-and-documents/private-banking/investec-private-banking-terms-and-conditions.pdfWho can give us instructions?
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3.1 We can accept instructions from you or from anyone appointed to act on your behalf. We must receive satisfactory evidence of their appointment, for example a signed instruction from you, a power of attorney or a court order (for example, appointing an executor or a liquidator).
He also opened and administered accounts with other financial institutions including Barclays, Santander, Coventry BS, Leeds BS. NS&I and a stocks and shares account with Hargreaves Lansdown.0 -
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