There are a number of reasons why you might need to manage someone else’s financial affairs. They might ask you to manage them for a while because they are going away, perhaps abroad or into hospital or prison. They could have a disability, which prevents them from getting out and about. In other circumstances, you can be called on to manage someone else’s financial affairs because they no longer have mental capacity to do it themselves.
For full details of all the implications and options to enable management of someone else's affairs follow these links:
Power of Attorney
A power of attorney (POA) is a written authorisation for you (the attorney) to represent or act on another persons behalf (the donor) in private affairs, financial or other legal matters.
There are two types of power of attorney:
Ordinary Power of Attorney
An Ordinary Power of Attorney gives you full access to make decisions and take action concerning someones finances while they still have mental capacity.
They may want to set one up if, for example:
More information is available from Citizens Advice.
Lasting Power of Attorney
Lasting powers of attorney (LPAs) meet the needs of those who can see a time ahead when they will not be able to look after their own personal and financial affairs and wish to nominate you to act on their behalf after they are unable to make their own decisions.
Full details of Lasting Power of Attorney are available here.
If you found this useful please share it