Power of Attorney Query

speedyg

One of my parents have just turned 75 and have set me up as a POA as a precaution although they are currently fit and healthy.  They wanted to add me on to their bank account too but we now have a few concerns.  We live at the same address and are concerned that by adding me, it could affect my tax credit awards, our childrens university finance applications and my general credit score.  Is this the case and if so, is it better to register the POA now on the accounts or what should we do.

Keep_pedalling

Unless you are already doing things like purchasing shopping then there is no point in doing this now. 

dunstonh

One of my parents have just turned 75 and have set me up as a POA as a precaution although they are currently fit and healthy. 

POA or LPOA?

 We live at the same address and are concerned that by adding me, it could affect my tax credit awards, our childrens university finance applications and my general credit score. 

If you are added as an individual, then you become a joint account holder and any means tested benefits or applications would be affected.     If you are added as attorney, then it wouldn't be.     A POA would allow that but an LPOA wouldn't unless the LPOA is active (which it wouldn't be from your description of their health).   Banks can also add you a per pro signatory.  Again, wouldn't affect benefits or applications.