Asking someone to manage your finances for you
At the moment, you might be making your own decisions about your finances. But there may come a time when it becomes difficult for you to manage all your affairs, or when you become unable to make or communicate decisions.
You may be able to arrange for someone you trust to make decisions about your financial affairs if you become unable to. There are different ways you can do this. It could include doing some of the following things:
- Setting up a joint bank account, or changing an existing account so it’s held jointly with someone else. This person would then be able to take out money and make payments. They would also become jointly responsible for any overdraft on that account, and they would become solely responsible for the overdraft if you died.
- Setting up a third-party mandate (when you arrange for your bank to accept instructions made for you by someone else, such as a partner or carer).
- If you get state benefits, arranging for someone you know and trust to collect them for you. This person is known as an agent (someone you know and trust) to collect your state benefits. If your benefits are paid through a Post Office card account, you can do this by asking at your local post office. If you receive benefits another way, speak to the office that deals with your payments (for example, Jobcentre Plus or your local Jobs and Benefits Office in Northern Ireland).
- Giving someone Power of Attorney.
If you’re not sure about what might be best for your individual situation, our financial guides can help. Call them on 0808 808 00 00.