No Will but currently have POA

[Ridealong]

Please can anyone give some advice.
My brother and I but not my sister (lives in Australia) have POA over my mothers finances, my mother has a bank account, S&S ISA and a joint bank account with me. My mother doesn't have a will, she has recently had a stroke and the doctors don't expect her to be with us past this month.

Do I do nothing and just apply for Grant of letter administration when my mother passes or should I start moving her money now?

[C69]

Ridealong said:

...or should I start moving her money now?

Where are you thinking of moving her money to?

[Vasco]

Are we talking about a lot of money or nothing too significant?
The joint account with you can probably be safely ignored as, on her death, the account simply falls to you anyway.

[BlackTails]

The PoA is power over your mother’s finances to manage them for her benefit. Not for the benefit of prospective beneficiaries on her death.

Patience.

[solo2]

The POA ceases upon her death so no point doing anything.

Never understand why people do not write a Will, even the most basic of DIY ones.

[Ridealong]

I was thinking of withdrawing/putting the money (approx.60k in total) into each other bank accounts.

[essayer]

Do not withdraw money to your own account(s).

Does she own a home?

[Ridealong]

Not a homeowner.

[Vasco]

Ridealong said:

I was thinking of withdrawing/putting the money (approx.60k in total) into each other bank accounts.

But why?

Sounds too much like trying to avoid taxes etc. You need to be patient and let nature take its way first. Only then do the legalities.
The PoA is still valid for her expenses etc during her lifetime and that is your priority.

[Panamax]

What sort of POA? There are different flavours.

Obtaining paid legal advice would probably be a good idea.

[C69]

Ridealong said:

I was thinking of withdrawing/putting the money (approx.60k in total) into each other bank accounts.

You can't use the power of attorney to benefit yourself.

[Ridealong]

I think just my mother's finances.

[jonathan_roberts]

I think in this position the last thing I would be thinking about is money. Your mum is on her deathbed ffs.

[Cupid-stunt]

jonathan_roberts said:

I think in this position the last thing I would be thinking about is money. Your mum is on her deathbed ffs.

pragmatism.
not much that the money can do to save his ma ... he's just asking how to avoid being shafted by Rachel R......

[Ridealong]

I'm not trying to avoid taxes or benefit myself as I could have move money around much earlier. I know things can/could get complicated when there isn't a will.
I will just apply for grant of letter administration when the time comes.

[Mr E]

My sympathies to you and the family.

Ridealong said:

I was thinking of withdrawing/putting the money (approx.60k in total) into each other bank accounts.

How does this benefit your mother?
POA allow you to act in the interests of your mum, not your own.

I presume you’re under IHT thresholds unless there are significant investment/savings. Even if you weren’t, you’d have to declare the “gifts” you’re proposing - essentially the time your mum could have done something to minimise exposure was years ago.

Value the time you have with her. Worry about what’s after later.

Edited by Mr E on Friday 23 May 07:07

[Panamax]

Ridealong said:

I'm not trying to avoid taxes or benefit myself as I could have move money around much earlier. I know things can/could get complicated when there isn't a will. I will just apply for grant of letter administration when the time comes.

If you're going to do it, make sure you open a new bank account and put the money in there. Then make absolutely certain you keep clear records explaining every single transaction so it's 100% clear you haven't had your fingers in the till.

Whatever you do, avoid mixing your own money and your mum's money in one bank account. You may start out with good intentions but it's the road to disaster.

As a statement of the obvious, any unspent cash is still your mum's money so will obviously form part of her estate when the time comes.

[mikeiow]

Ridealong said:

Please can anyone give some advice.
My brother and I but not my sister (lives in Australia) have POA over my mothers finances, my mother has a bank account, S&S ISA and a joint bank account with me. My mother doesn't have a will, she has recently had a stroke and the doctors don't expect her to be with us past this month.

Do I do nothing and just apply for Grant of letter administration when my mother passes or should I start moving her money now?

Sorry for how your mum is.
Spend time with her.

If (when) the inevitable happens, a good list of what to do in what order is here - https://farewill.com/what-to-do-when-someone-dies?

Your POA is irrelevant - as someone said, it ends on death. If there are things that could help her now requiring money, then use it.
It will be probate you will apply for to distribute the monies later.

Best of luck, it’s a tough time.

[Ridealong]

Thank you all for your advice, I leave all the accounts alone and as mentioned earlier I will apply for grant of letter administration when the time comes.

[eliot]

Ridealong said:

Thank you all for your advice, I leave all the accounts alone and as mentioned earlier I will apply for grant of letter administration when the time comes.

Her bank accounts will be frozen as soon as you inform them of her death.