Investing for care home resident

Strider48

Elderly relative’s id is several years out of date. Only mail addressed to her ‘home’ address is a confirmation from DWP. Struggling to find any savings account provider who will open an account. Even the Halifax and Nationwide with whom I have accounts.

Linton

Do you have Power of Attorney for your relative? Without it I dont think you will be be able to open an account on their behalf.

Albermarle

Are you the DWP appointee for benefits payments?

Strider48

Yes we have an active LPA. I also thought a care home letter would suffice, but not for Metro Bank, for example. As far as DWP is concerned payments still go direct to my mum.

Albermarle

Not direct experience of this situation but my wife has opened accounts as a DWP appointee for someone unable to manage their benefits. Usually the first attempt is rebuffed ( by staff who do not understand the situation) but a branch visit to the manager often got things sorted.

xylophone

Relative had PoA for his relative who moved into a residential home (and subsequently to care home then nursing home) and managed

 existing accounts (including stocks and shares ISA)/Tax Returns and opened new accounts as required. Her family home was sold.

All correspondence  (including from DWP/HMRC) came to his address as Attorney for Mrs  XYZ.

She did have accounts with Metro Bank as there was a branch convenient to relative's home.


DWP knew that she was in residential/ nursing care because she was in receipt of AA (first lower then higher rate) and latterly the nursing

 care component.

Does this lady still have capacity? While my relative's donor still did, he would take in correspondence for her to read/sign as required.

It was felt more convenient all round for her correspondence not to be sent to the Home.

The managers of the  homes would have been perfectly happy to attest to her residential status.

As I recollect, the only financial organisation that ever made any difficulty about the arrangements was Virgin money.


When she lost capacity, the EPA was registered and everything dealt with by my relative.

Does this lady still own a property to which her correspondence is addressed? 

If so,  (acting in your capacity as Attorney), could you not simply change the address on all her existing accounts/DWP  Tax

 record to your address? Presumably you have already registered the LPA with these bodies?

Any account you opened would naturally be in her name with you recorded as Attorney.