Legal Updates
Access To Funds – A Possible Alternative To Guardianship
This is the most common scenario, but there are other transactions possible under this scheme. Other examples include opening a new second account in the Adult's own name, such as a high interest savings account where there is no such account at present, or closing an account in the Adult's name. The Office of the Public Guardian charge £65 to process the initial Access to Funds application but for every supplementary application for a further transaction the charge is currently £10.
There is a great deal of flexibility under the Access to Funds Scheme, but it is often overlooked as an option and it is important that more people are aware that it can be used in the appropriate circumstances.
Please contact either Sara Smith or Elizabeth Mackay on 0131 220 3000 if you would like to know more.
