Safely saving on behalf of the vulnerable?

QuestionsQuestions13

Hello, 
My father sadly passed away a couple of years ago and his estate is finally being distributed to his heirs including myself. This in itself, is not an issue, but my mother's share is.
She has advanced dementia and is in a care home. My brother is her Lasting Power of Attorney but is incapable of managing her affairs. After much discussion and legal threats, he has agreed to step down as LPA and we are in discussion with solicitors to act as financial deputies. This all take months to sort out which  leaves me with the dilemma of how to secure her half of the estate which amounts to over 500K. This has to be done in a way that satisfies both myself and my brother. My initial thought was to put it some type of joint signatory account that would require the both of us to administer the money. Info on these types of accounts are pretty thin on the ground. I'm also worried about the amount of money exceeding the   FSCS amount for compensation. Do I really need to spread the amount over 4 or 5 bank licenses? I'm hoping for some much needed advice on this please. Thanks

eskbanker

QuestionsQuestions13 said:

I'm also worried about the amount of money exceeding the   FSCS amount for compensation. Do I really need to spread the amount over 4 or 5 bank licenses?

The FSCS temporary high balances provision protects up to £1m for up to six months when related to life events such as this, so that buys some time....

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

Albermarle

Savings with NS&I are covered to any level, and you can open a joint account. However they are not the best interest payers.
National Savings & Investments | 100% Secure Saving | NS&I (nsandi.com)

xylophone

Does your mother have existing bank/savings accounts?

If so, are these in her sole name or in her sole name with your brother named as Attorney?

Is your mother's inheritance from your father currently held in an executor's account?

Who is the executor of your father's estate?

QuestionsQuestions13

xylophone said:

Does your mother have existing bank/savings accounts?

Yes she does.

If so, are these in her sole name or in her sole name with your brother named as Attorney?

She has one in her own name and a joint one with me. My brother is her sole attorney and has access to her named account

Is your mother's inheritance from your father currently held in an executor's account?

Yes. The solicitors are holding some of it and have agreed to hold her share from a house sale for one month to give myself and my brother time to sort out our issues

Who is the executor of your father's estate?

Both myself and my brother

xylophone

I am assuming that when you describe your brother as Incapable of managing your mother's affairs that you simply mean that he is not financially savvy rather than that he is labouring under some mental or physical. disability

You say that you and your brother are the named executors of your late father's estate.

I wonder would it be possible for you both to open an executors' account on a "two to sign" mandate?


Your mother's inheritance could be held in this account until such time as the legal formalities with the Court of Protection are completed.

It would then be possible for your mother's deputies to open and manage savings accounts in your her name.