Mum’s Alzheimer’s has trapped the kids’ NatWest cash
Source: The Guardian ·
A First Saver account was set up by my mother when the children were born which we planned to use to fund them through universityMy mother set up NatWest First Saver accounts for my children when they were born. The accounts are held in trust for when they turn 18 and my parents have paid into them monthly to help fund them through university.My mother is now in the final stages of Alzheimer’s…
From the source
My mother set up NatWest First Saver accounts for my children when they were born. The accounts are held in trust for when they turn 18 and my parents have paid into them monthly to help fund them through university. My mother is now in the final stages of Alzheimer’s and I have registered financial power of attorney for her. My daughter began university last year and my son starts this month, but I have been unable to access the £20,000 in their respective accounts. I was told my mother has to give consent for the children to access them, but she’s not in a position to do so. I’ve been variously advised to set up online banking in my mother’s name without her consent, to request a one-off payment of less than £1,000 and, upsettingly, that it would be easier if my mother were dead. As a consequence, we’ve had to take out a bank loan to cover my daughter’s expenses. SW, Worcestershire NatWest blames “lack of colleague awareness” of a “complex process”. We’re talking here of numerous…