Hello. I’m new here so hope I’m in the right forum!
I’ll try and keep this as brief as possible.
My son is 42 and lives at home with me and his dad. Way back when he was much younger he needed a bank account for his benefits etc and I thought the easiest way was to open a joint bank account with me - his appointee for benefits - so popped off to the Nationwide (our bank). They met him and I explained about the fact he lacks capacity and wouldn’t have a clue about money and they promptly opened the account which has been used ever since for the receipt of his benefits etc and he uses that for daily expenditure and a once a month transfer of an amount towards housekeeping. I also opened an ISA in his name as he had quite a bit in there (not enough to go over any threshold) and that has rolled over once a year to a new one to get him some interest. At no point as he has ever reached an amount where it would affect his benefits.
I’ve now read elsewhere that I shouldn’t have been able to do any of that as he lacks capacity and couldn’t give consent! His latest ISA has just matured and I’m not sure how to continue and what should I do about his bank accounts? What do others do? I don’t want to fall foul Of any rules but can’t think what alternatives there are. I obviously don’t have LPA nor do I have Deputyship. Anyone advise please? Thanks for reading.
