Someone else managing your money
If you are having difficulty managing your own money, you can choose to have someone else do this for you, such as a friend or relative. There are a number of ways to achieve this, including:
- providing authority to your bank or building society for someone to act on your behalf, known as a 'third party mandate'
- drawing up a legal document known as an Ordinary Power of Attorney – to allow someone to manage your finances by acting on your behalf
- drawing up a legal document known as a Lasting Power of Attorney – to allow someone to manage your finances by acting on your behalf, even if you lose mental capacity in the future
- choosing someone to act as an appointee for you, who can receive and manage your social security benefits. In some circumstances, the council can do this for you.
Managing someone else's money
If you care for someone and they lose their mental capacity to manage their own finances, you can manage these on their behalf in one of three ways:
Independent financial advice
As you get older, it’s important to think about planning for your later life, including any care and support that you may need. Independent financial advice can help you to:
- make balanced and reasoned decisions
- ensure you get the best from your money and investments that will help you to meet any long term care costs
- provide some certainty and security.
It can be difficult making life changing decisions by yourself, so an independent financial adviser can provide specialist knowledge tailored to your own circumstances to help and support you.