Bank account for elderly person

Hi all,

First time posting, hoping someone might know the best answer to my question.

My Aunt, who is 82, has to open a bank account for the first time in her life. Her brother and sister have both recently passed away and she has inherited their money. The total amount is likely to be roughly around €50,000 to €70,000.

She has asked me to help as she has never had to deal with banks/money before and the whole thing is confusing/worrying her. She wants to open a joint account with me so I can deal with it all but I'm worried about the tax implications of that for me. (She understands that if we did that I would "get" the money when she passes)

Other option is a simple current account with laser card so I could take care of withdrawals/deposits/cheques (obv with her signing the cheques but I could manage them)

Is there another option I haven't considered?

Thanks for the help.

I am not familiar with any possible tax implications but would suggest you consider that she should make a will leaving you the funds and the solicitor would be able to arrange a suitable bank arrangement re cash withdrawals. If you have nieces and nephews they may well question your right to the funds if placed in a joint deposit in event of her death.

I thought there might be DIRT tax implications (don't understand it to be honest).

And just to clarify, apart from her brother, I am my aunts only living relative.

http://personalbanking.bankofireland.com/bank/current-accounts/golden-years-account/


Might be an option - you could do online stuff on her behalf. I wouldn't bother with a joint account - maybe others would think differently.

As the interest rates are so low i dont think the Dirt is an issue. If the funds are left in her name Probate or Letters of Administration will have to be taken out when she dies. If the funds are put on Joint deposit with her and you then i think when she dies Revenue will have to be contacted before funds are released and it is this area i am not too familiar with. It seems to me that A tax liability (CAT) could arise on any sum over 30150 euros and this sum could attract a tax of 33 and a third %