18 November 2013

Do you have a Joint Bank Account?

Guidance from the British Bankers Association indicates that you will lose the automatic right to access your joint bank account if the other owner loses mental capacity:

If you are the joint account holder and the other joint account holder becomes mentally incapable, you do not automatically have the right to access the account unless you have a Lasting Power of Attorney, Enduring Power of Attorney or an order from the Court of Protection.

Whether that's what banks should be saying is a different question, but the way around the problem is to have a Lasting Power of Attorney in place.

One more good reason.

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