There are various ways in which you can manage the financial affairs of an elderly parent or relative but which option will be best is largely down to the individualís situation.
- Government agencies such as the inland revenue or welfare benefits departments will allow you to appoint an agent to act on your behalf.
- The aformentioned option will only be available however if the elderly parent or relative is of sound mind and retains their mental capacity wholely.
- A letter of authority or signed mandate could be sufficient for you to manage a bank account or building society on their behalf if they are immobile and cannot get out and about to pay bills or get to the bank.
- A Lasting Power of Attorney could be in existence having been made when the elderly had the capacity to transfer the power of decision making to their attorney.
- A Lasting Power of Attorney would need to registered with the Office of the Public Guardian once mental capacity has been lost. Because all the decision making then falls on the Attorney they are in a position to control any capital on deposit or investments and they will also potentially have to control the sale of the elderly persons property in order to access the funds to pay their long term care costs.
- If someone has already lost the mental capacity to make decisions for themselves and no Lasting Power of Attorney or its predecessor the Enduring Power of Attorney exists then a Deputy of the Court must appointed by the Court of Protection. They have a responsibility to appoint an appropriate adult that is trustworthy and capable of managing the overall financial affairs of the elderly person requiring care.