I have an LPA registered with mum’s bank to say that I manage her finances on her behalf. This is mainly because mum is 95 and doesn’t understand financial matters, rather than because she is incapacitated. I’m trying to buy some Premium Bonds for her by setting up a new account in her name with her details and linked to her bank account. When you examine NS&I’s process for this it says that before I can set up a new account for her I have to send them a certified copy of mum’s LPA. That’s going to a long and costly exercise, especially if I have to engage a solicitor. So on an online chat with NS&I I asked the advisor why I can’t just create a new account for her on her behalf but they insisted that I have to send them a certified copy of the LPA. I asked what would happen if I opened her an account myself, the only difference being that I’m moving the mouse instead of her and the end result would be exactly the same as if she had created the account herself with her details. She said that if I did that, they would raise it as fraud because I’ve already told them about it on the chat! I asked her to confirm that she knew who I was (I wasn’t even logged in on the site) but she didn’t respond to that. I said that it didn’t make any sense but she just repeated the same and ended the chat.
Has anyone come across this before? I’m tempted to just go ahead and set up the account with mum sitting next to me, I can’t think of any reason why it would make any difference and how they would know I had operated the computer instead of mum. The only implication I can think of is if by some chance mum has a big win, the man comes round with the cheque and for some reason I can’t imagine, he says that the account has been created fraudulently and that the prize is null and void. Could that happen?
To get a certified copy of an LPA is neither a costly or lengthy process.
You take the original to a Solicitor or a Commissioner of Oaths (often one and the same), they take a photocopy then stamp it “This is a true copy…” and witness the copy.
It’s a few years since I had to do this after my Mum was diagnosed with Alzheimer’s and I needed extra copies for her bank etc. I have in my mind that the solicitor I used charged something like £25 per copy. I think that the Post Office also offer this service.
I would ask why you think someone at the end of life needs Premium Bonds. On death they have to be cashed in.
As you have POA you have to act in the best interests of the person concerned.
Thanks Susieq, I checked online for solicitors certifying LPAs and I was seeing costs of around £75 plus vat plus another fee so probably about £100. I’ll check with the Post Office (there was no mention of that on any websites) and obtain some quotes from a local solicitor. All part of the ‘lengthy’ process when without one, I can’t see what the difference will be creating an account exactly as though mum had done it herself, cost free.
Mum has recently received a sum of money into her account that needs to be invested somewhere, rather than just sit there earning no interest. Premium Bonds seemed a good low risk option in today’s low interest rates, her savings account is only earning about 0.25% at the moment. That’s acting in her best interest, I don’t see what being end of life has to do with it.
My mum had £20,000-worth of PBs for many years. Averaged out, the winnings over a year more-or-less equated to what she would have earned in a building society … and there was always the chance of “the big win”!
I wanted to wish you a warm welcome to the forum and to highlight some of the options for connecting with fellow carers and for getting support from Carers UK should you need it.
Carers UK are running online weekly meet ups for carers to take some time for themselves and chat to other carers. Feel free to join if you’d like to and there’s no pressure to share anything you don’t want to. I’m sure you’ll find others in a similar position to yourself.
You can find information on how to register to our online meetups at the following pages:
Care for a Cuppa: https://www.carersuk.org/help-and-advic … ne-meetups - This social is a great way to have a little break if you are able to and spend some quality time talking to people who understand what you are going through right now.
Share and Learn: https://www.carersuk.org/help-and-advic … e-sessions - these sessions range from creative writing activities to beginners Latin dance sessions.
There is also Carers UK’s helpline should you need advice or support - Our Telephone Helpline is available on 0808 808 7777 from Monday to Friday, 9am – 6pm or you can contact us by email (advice@carersuk.org)
Apparently NS&I don’t accept copies certified using the Post Office service, you have to send in the original or pay about £100 to have a copy certified by a solicitor or notary (same thing).
My mum’s solicitor gave me further copies free! (as they handled the original POA it was just all part of the service).
(To anyone else reading this, if you have a POA arranged for your loved one, get about 6 copies when it’s all finalised. The same goes for Death Certificates, you don’t know when you apply just how many people want to see them!)
. My PBs earn far more in prizes than interest on any of my savings.