Elderley Affairs Qs & As
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Can I help someone with their finances or sell their property?
The only way to help someone with their finances and sale of their property is with a Property and Financial Affairs Lasting Power of Attorney (LPA) or Deputyship.
Whether you instruct solicitors to be Attorneys/Deputies or someone else, solicitors can help you with the Lasting Power of Attorney and registering it with the Court or the whole Deputyship application.
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I have no friends or relatives who are able or willing to help me, who can I turn to?
You can ask professionals to act as your Attorneys. Many solicitors act as Attorneys/Deputies for people and are used to dealing with the management of people’s financial affairs.
This is also common if there feuds in the family and you wish to not have family members deal with your affairs.
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How can I open a bank account for someone whom I am an Attorney?
There are ongoing problems with opening bank accounts for elderly people:
1. The banks are now very strict in terms of what ID they will accept for someone before opening a bank account for them due to Money Laundering Regulations. Some banks will not accept anything other than a Driving Licence or Passport together with a utility bill. However, for an elderly person, it is unlikely they will still have a valid Driving Licence or Passport and may well live in a care home, so will not have a utility bill either. You will need to speak to someone in the banks. Some banks may accept a letter from the DWP/Pension Service for the person together with a letter, on headed paper, from the Matron of the care home confirming that the person who needs a bank account is resident at their care home. The British Banking Association say that such ID is in fact valid.
2. If you are dealing with the affairs of an elderly person, it is likely that they will now find it extremely difficult to attend a bank in person to open an account. However, despite you having a Lasting Power of Attorney, some banks will refuse to open an account for someone without actually having seen them – although you are acting for someone, the account is still held in someone else’s name. Attend the bank. Some banks will accept a detailed letter from the person’s Doctor explaining why they are not able to attend the bank.
A Solicitor, if they are instructed, will be able to hold an account for that person, which would work in the same way as a Current Account. The solicitor does not need to be the Attorney but the Attorneys can instruct solicitors to act on their behalf. We can also arrange investment of someone’s assets. This will take the strain off you and avoid causing any distress to your loved one.
Be rest assured, however, that if the person you are acting for already has an account with a bank, all you will have to do is register yourself with the bank as the Attorney and it will be much easier to open other accounts on their behalf, if required, with that bank.
Example Scenario
Our client, Mrs A, did not have a bank account when she instructed us to act on her behalf as her Attorneys. She is in a home and elderly, so she does not have the required ID. After discussing the situation with the banks, it was found that one particular bank may be willing to open an account for her under the Attorneys’ authority although this is still ongoing.
However, if we are not able to open an account with the bank we can resolve the problem by opening an account here for her, using our Client Account. This acts in exactly the same way as a current account.
Furthermore, Mrs A is about to sell her property and will need to invest the funds. We have a close relationship with a local Financial Service who understands the problems people face when managing the affairs on behalf of someone who is elderly. We will therefore easily be able invest Mrs A’s money when her house is eventually sold.
If you are an Attorney and facing the same issue, you can instruct solicitors to act on your behalf. They will do all the work for you so you do not have to worry and save you from all the paperwork involved.
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What if I am an Attorney but finding it difficult to manage someone else’s affairs or I want help on just one issue?
Quite often Attorneys are happy to deal with someone else’s affairs but can have difficulty resolving a particular issue. They then instruct a solicitor to purely deal with this matter. We can be involved for as much or as little as you like.
Example Scenario
An Attorney acts on behalf of Mrs M. The Attorney has been managing the affairs for Mrs M for some time. However, they have are not too sure how to apply for Higher Rate Attendance Allowance for Mrs M. As solicitors who manage elderly client’s affairs, we are used to dealing with such matters on a day to day basis and know the best way forward to obtain Higher Rate Attendance Allowance. We are now going through the process of applying for Higher Rate Attendance Allowance but the Attorney still continues to deal with the management of Mrs M’s financial affairs.
