Joint Bank Accounts Frozen if Mental Capacity Lost

It is common knowledge that a bank or building society (and many other financial institutions for that matter) will freeze an account if the holder becomes mentally incapable. What people may not realise is that it is now common practice for high street banks to freeze withdrawals from joint accounts if one of the account holders becomes mentally incapable.

This is in line with the guidance issued this year by the British Bankers Association. If the mentally incapable account holder has made a Property and Financial Affairs Lasting Power of Attorney (LPA) which has been registered with the Office of the Public Guardian, the joint account holder and their attorney (who may be one and the same person) can continue to operate the account. Alternatively, if the incapable account holder did not create a Property and Financial Affairs LPA the account will be frozen until an Order has been made by the Court of Protection appointing a Deputy to make decisions on behalf of the incapable person in respect of their property and affairs. Obtaining an Order from the Court of Protection is a costly and cumbersome procedure which can take up to 6 months before the Order is issued. So, if joint account holders want to avoid costly delays, they should take steps to make and register a Property and Financial Affairs LPA. By putting these in place you can choose who you want to manage your affairs when you are unable to do so for yourself and you can also put other important safeguards in place.

It is important that you take advice, we have the knowledge and experience to be able to advise you of the best way to achieve this.
Ken Beer MSWW

Hoskin Estate Planning


Published 21 October 2016

Welcome to Hoskin Estate Planning

Hoskin Estate Planning is latest new division at Hoskin Financial Planning after the acquisition of part of an established financial services practice in Maldon it has given us a great opportunity and platform to broaden our in house services to cover all forms of Estate Planning. From our head office in Maldon we now can cover Essex and Suffolk with professional Estate Planning Advice and Services.

Press Release.

Hoskin Financial Planning is pleased to announce the expansion of the existing office staff in their Head Office based in Maldon, Essex.  Business growth and opportunities has led to a need for more financial professionals within the Independent Financial Advice firm.

Paul Hoskin said “We are building a team of industry professionals through hard work; with a modern approach and procedures, built on the traditional foundations of good customer service and trust”.

After the part acquisition of an established Maldon based financial services advice practice, Hoskin Financial Planning is setting up a new division – Hoskin Estate Planning.  “This has provided a great opportunity and platform to broaden our in house services to cover all forms of the UK Estate Planning market” heading up the new division is Ken Beer MSWW.

Joining the Hoskin Financial Planning team are: Clare Allen – Independent Mortgage Adviser, Stephen Enticknap – Independent Mortgage Adviser, Doug Richardson – Independent Financial Adviser Ken Beer Estate Planning Advisor and Emily Sharp – Administrator.