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Managing Someone's Money

Appointeeship

An appointee is responsible for managing a person's benefits, and also for paying bills and managing a small and limited amount of savings in case of unforeseen circumstances. Appointeeship may be the best course of action if the person has a low level of financial assets, is in receipt of benefits and doesn't have any other sources of income.

How to become an appointee

Applications are made to the Department of Work and Pensions (DWP), usually by telephone initially. What you need to do will depend on the type of benefit being received

Deputyship

If the person's financial affairs are more complicated (for example if they have additional sources of income, investments, or significant savings), then an application for Deputyship is the best option.

A deputy undertakes responsibility for the management of all of a person's financial affairs if they become incapable of doing so themselves, including savings, pensions, all sources of income, and assets such as property and valuables.

How to become a deputy

Applications for Deputyship are made to the Court of Protection. Depending on your circumstances, there may be fees to pay to make the application.

Power of Attorney

A lasting power of attorney (LPA) is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf. This gives you more control over what happens to you if, for example, you have an illness or accident and can’t make decisions at the time they need to be made (you ‘lack mental capacity’). You must be 18 or over and have mental capacity – the ability to make your own decisions – when you make your LPA.

There are 2 types of LPA: 

  • health and welfare
  • property and financial affairs

You can choose to make one type or both.

 Health and Welfare

Decisions are made about things like social care, medical treatment, where someone can live etc. This only applies if the person lacks capacity.

 Property and Affairs

This can be used at any time, once registered It relates to financial transactions, contracts etc.

For both types This requires meeting with someone who knows you, e.g. a family friend, GP or similar to verify that you (the donor) understands the implications, and is doing this willingly. A fee is payable (currently £120). You can complete the forms yourself by downloading them from the website. Guidance notes are available. Legal fees will apply if a solicitor is used.

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