My mother has some shares she was recommended to invest in when she downsized rather than hanging onto the family house when it was too much for her to manage.

Power of attorney (POA):

We children have had power of attorney (POA) for a few years now for when she was no longer able to manage. That time has come over the last year. Only I have registered it at present as I do most of her financial and medical stuff.  Both my mother and I have changed address in the last year.

Then we changed address

I have registered change of address for her and me with the office of legal guardians. They put it on computer: the forms don’t change – because loads of people change address and they would be bogged down in change of address admin.

Change of address on shares:

For her shares, I sent in the POA forms so I could correspond on her behalf. Unknown to me, though the company administrate all the shares she has in different companies,  the shares are kept separately so sending in name and  address does not automatically pop up all the different shares she has and change the details).

I realise I need to check what is going on when I get a dividend, sent to the wrong address, delayed in diversion due to being dropped in a puddle!  I want to make all payments direct into her account so that this avoids loosing cheques and I don’t have to go to the bank and queue etc to pay it in.  I therefore telephone.  And that is where the trouble begins:-

• “What is the address?” I am asked.
• I explain she has moved and so I don’t know whether old or new address. I give both.
• This does not tally and they say “Sorry I cant talk to you”.
• There is no one else to talk to get things sorted so we are in an impass. This goes on for a few minutes as I try different tacks but always with the same outcome – “ I cannot talk to you”.

 

• I cant let them just hand up because there really is no one else to talk to so we struggle on.

 

I grab the financial file I keep for my mother.

• I remember a letter that was sent to me stating they had had the POA forms, hence I was genuine.
• I dig the letter out and read it.
• Finally the operator comes up with an idea.
• Now I have a letter attached to some shares registered on their computer she will cross check. And hey presto we have proof the POA forms were sent in and I am genuine. The POA is now assigned to all shares I know about – I have their details in the file.

 

Finally we can now progress.

• “What is the address?” I am asked again. I repeat there are two possible addresses old and new and give both.
• “ No those aren’t the address, I cannot talk to you”.

We finally twig, I can’t even remember how, that now there is POA registered, the address they have on file is mine not my mothers.  Even then the address entered for me is incorrectly spelt. Luckily it is close enough so I can just correct it.  We do this for all the shares.

Change the address back to mothers:

As I see here regularly in the week I can collect her letters for the files.   I want her to keep having letters so she can read them and feel like she still has a hand in her affairs.  (I have already learned that if you take away responsibility that skill goes with her general finances).  And so the address is changed back to her new address.

New change of address letters will be sent out.

Hooray! Finally!

Now I can change the bank arrangements for the dividend to be out into her bank account not sent to her for me to have to pay in, saving them time and money as well as me.  It will take a lot to make up for the time and frustration of the call.

Still that is behind me and more learnings made.