Help protect parents' money from bullying family member with addictions

born_again

Keep_pedalling said:

They should certainly set up LPAs, it might not help with the current problem but it would give you better visibility of what is going on and should either of them lose mental capacity it will be needed.

Also making the bank aware of the situation & they are suffering financial abuse.

boingy

born_again said:

Keep_pedalling said:

They should certainly set up LPAs, it might not help with the current problem but it would give you better visibility of what is going on and should either of them lose mental capacity it will be needed.

Also making the bank aware of the situation & they are suffering financial abuse.

I'm not sure that is such a good idea. These days banks are quick to lock accounts at the merest whiff of anything unusual. 

theoretica

It really depends on how much protection you - and they - think they need.  If arranging things so that they could plausibly say 'you need to ask L6ZJE' would give them enough backbone that could be done, but as mentioned you could not stop them overriding you if they were persuaded into it.

How old are they?  They could use their savings to buy an annuity - it would give them much less flexibility, but also protection by not having a lump of savings.

elsien

born_again said:

Keep_pedalling said:

They should certainly set up LPAs, it might not help with the current problem but it would give you better visibility of what is going on and should either of them lose mental capacity it will be needed.

Also making the bank aware of the situation & they are suffering financial abuse.

There is no indication how  the OP’s parents are vulnerable and an inability to say no does not equate to financial abuse

GrubbyGirl_2

You can get a lasting power of attorney for finances and it can be implemented while they have capacity but that does not preclude them from having access to their own money it just adds the OP as someone else who can.  About 15 years ago we had one brother (3 of us altogether) was always asking for money so my parents asked my older brother to hold their savings for them so he put it into a joint savings account in his and my parents name but all correspondence went to his address.  I knew about it but my scrounging brother didn't so when he kept asking for money they could say they didn't have anything but their pensions.

CGG_3

I sincerely sympathise with this situation.  I have someone very close to me experiencing the same with a wayward son.  They too, are in an impossible situation.  He is their only child and has frittered away tens of thousands of pounds he inherited last year.  On drugs alone, with nothing to show for it.  His grandparents would turn in their graves at his deceit and lies.  His parents collected unusual coins, you know the different 50p's and others a little more valuable.  He stole the tin from them to pay a drugs debt.  They dragged him to the local police station and they 'spoke' to him.  After which he was worse than ever.  They have ousted him from the family home, and guess what?  He's living in an outbuilding on their property.  
They say they gave him too much when he was younger, but in the belief they were helping him out by buying him a car.  Shortly after this he refused to pay any board/lodgings saying quote "Why should I?  Dad can afford it"  The Mother is in poor physical health, mainly brought on by the stress this individual has bought to them.
We've told them he is after putting one of them in an early grave. and then heaven help the remaining parent.  Their life will be made so miserable by the actions of this parasite.