Steele Rose & Co

Managing a Donor's Bank Account

Normally banks will accept an original Property and Financial Affairs Lasting Power of Attorney (LPA) as authorisation for the Attorneys to access and manage the Donors account, however a few clients tell us that some banks and other financial institutions do not always accept an LPA at first and may ask for totally irrelevant documents in support of their application.

This is normally because bank staff do not understand the implications of the Mental Capacity Act 2005 and you should ask to speak to a more senior member of staff who does understand the legal requirements.

When applying to use an LPA to manage a donor’s account, the Attorney will probably be required to provide the following documents:

(a) The original LPA or a Certified Office Copy (from 1 October 2011 the OPG will no longer provide copies except in exceptional and limited circumstances and for a fee of £35)*

(b) Proof of name and address of the account holder (if not already known to the bank).

(c) Proof of name and address of the Attorney

After being registered with the Office of the Public Guardian an LPA can legally be used to access a donor’s bank account and a registered LPA will have the words “VALIDATED OPG” in perforations on each page (early LPAs may have a 'hologram seal' instead). Once registered, a Property and Financial Affairs LPA can be used while the donor still has mental capacity unless the LPA specifies otherwise.

With a Property and Financial Affairs LPA the Attorney has a duty to maintain financial records and keep the donor’s money and property separate from their own.

*Additional Office Copies

From 1 October 2011 and for a fee of only £20 + VAT Steele Rose can provide legal quality (company) office copies of LPAs prepared by them after this date.

This service is for the benefit of donors and attorneys who later require additional copies (a copy will not replace a revoked LPA).

Documents are provided in protective binders by recorded delivery.