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Joint bank account

Jacarandaboom

Following a tricky week helping my elderly parent with a scam situation, she has asked me to be a joint account bank holder with her, so that i can support her and call bank etc. i have tried to find information on this and if her having a joint account will affect her benefits. I myself will continue with my own bank for my own finances, so it will purely for her use only, but me as joint to support etc. any advice is welcomed.

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Comments

anisty

Not exactly the same situation but i am joint bank account holder with my adult son. Only his money goes into the account. We each have a card for the account but i only use my card for spends directly relating to him.

The advantage is that i have the banking app for this joint account and the bank will speak to me if any problems arise.

It avoided the need to get financial legal powers for him.

I can't see how it would affect her benefits. It works for us but i myself am not a benefit claimant.

Or - if your Mum is losing capacity, now would be the time to get Power of Attorney whilst she is still able to appoint.

It is far more complicated to get the powers you need if she loses capacity altogether.

Albus_Alumni

Hey @Jacarandaboom and welcome to the community.

Unfortunately a joint bank account would affect any means tested benefits, as any money in that account would legally be yours. As suggested, Power of attorney would be the best option. There's some information here and here that may be useful.

anisty

The OP does not say he's on any benefits @Albus_Scope ?

But yes i do agree power of attorney is the way. I think you can do legal free ones yourselves online (martin lewis had a thing about this on his tv show recently)

But - i know currently solicitor price is £1k (ouch!) as my hubby and i are doing them for each other right now.