House sale funds with Power of Attorney pending

KJFW

Supporting an elderly relative who is selling their house and while the power of attorney is being done (which will take up to 10 months to be registered) wondering what we can do to help them manage the money from the sale - (they are not financially savvy). 

Is there a way we can open a savings account or similar for them?  Does seem very likely there will be a chunk of money floating around that is more than should sensibly sit in a standard bank account.   We don't live close by which makes it a bit more challenging.  Any thoughts or advice appreciated.

RAS

What does the elderly relative want to do with the money? Buy a house, go into a retirement home?

born_again

Who is getting POA?

Given they must have a bank account. Look at what savings accounts their bank have. But as above what are their plans for living once house is sold?

p00hsticks

KJFW said:

Supporting an elderly relative who is selling their house and while the power of attorney is being done (which will take up to 10 months to be registered) .

I presume you are talking about new Lasting POAs rather than getting an old style EPA registered ?
If so, unless there has been a real slow down in services in the last year, I think that timeline is probably pessimistic. There is necessarily a lag of  few months after the OPG has written to all the parties involved while they wait to see if  anyone objects, but apart from that in my recent experience everything moved quite quickly (parents applied in December, PoA received in March).   

elsien

Not being financially savvy does not equate to lack of capacity. 

It’s a person has capacity around their finances cannot do anything without their consent. 

Why not just help him to look up savings accounts and talk through the process of opening one? Or several, depending on how much money there is from the sale and what they actually want to do with it. 

Your idea of what is best to do with the money may not be the same as theirs.