Published on 12, July, 2020
Hi,
My son has ASD, attends a special school, has an EHCP. He's only 5. We have been putting money in a Junior ISA for him since birth, it's invested in investment funds so by the time he's 18 we expect it to be a substantial amount of money if the investments perform well.
Assuming he lacks the mental capacity to manage his own finances when he turns 18 years old, is it possible to obtain a power of attorney for his money so that we can make sure it's spent on him and only for him?
It's obviously a long way off, and the law could change between now and then. But we're concerned that due to his vulnerability someone could get him to hand his money over. We will be putting money into an ISA in one of our names from now on, but I just want to make sure there's mechanism in place to protect anything we've saved for him.
He has very limited words, no idea how he'll turn out... but assuming it's the same in the future, are there mechanisms in place legally for a judge to grant the power of attorney if the person it's for doesn't understand any of it?
Has anyone here got a child who's become an adult and had to face the same situation?
Thanks,
Chris
My Child has severe learning disabilities, autism and several other health issues. I opened his Premium Bonds account and purchased for him as a gift regularly. He is 17 and soon turning 18, therefore I was asking many people how to do this POA as Premium bond agency has stopped my access to his account after he turned 16. I sent them GP's letter and his special needs' school to change his address as we changed our residence. All my other children's and my and Mrs' address has been changed but not for him. They demand POA that is only for 18+ that one can download or request. Thanks to office of the Public Gradian who sent me a pack by post. Historically, I paid about £50 to GP two years ago for that letter. School was kind and not demanded any money. Now GP is asking £200 for certificate that is inside the form (however, anyone can sign, I requested my one of family friend and completed that part as social worked declined that she has no such capacity). The form itself has a cost of application £82 that Donor has to pay. Donor can get exemption if on benefits or working tax benefit (this does not apply to my child as he is not 18 yrs yet) I discussed with a solicitor who said that complete the same form and and complete another form LPA120A and send them evidence that he is not capable of doing any job.