It’s quite common for older relatives to struggle with banking, especially as more high street branches close in an attempt to save money, but did you know that if you start handling their money for them without formal authority, your integrity could be questioned?
Just simple tasks.
It may be that you don’t think you need formal authority as you are only performing simple tasks at their behest, for example withdrawing cash for them or paying their bills in online banking, but if their mental capacity is ever called into question and you are found to have had access to their finances, suspicions of financial abuse may arise.
Making formal arrangements
The best way to ensure that all parties are protected is by getting a UK power of attorney from a firm such as https://powerofattorneyonline.co.uk/. The process is simple, takes about 8 weeks, and allows your relative to define what you are and are not to do with regard to accessing their finances.
This formal authority provides you with protection in the event that anybody questions your actions and safeguards your elderly relative against the risk of financial abuse. When signing up as an attorney, you accept a legal obligation to act in your relative’s best interests and can more easily access their bank accounts to support them in living independently and making sound financial decisions.
In conclusion
If you are finding that an elderly relative is increasingly relying on you to help them manage their finances, a power of attorney is the best legal mechanism to enable this.
