Why don’t you try? : How to help my loved one with their finances
While it’s your loved ones right to manage their own financial affairs, advancing age, illness or disability can mean they’re no longer able to do so for themselves.
If you’re stepping in to help ease the burden you may find that while companies can be sympathetic to your circumstance they also want to protect against fraud which can feel like they’re imposing unhelpful barriers.
Although it may be possible to get by with informal authorisation from your parent or temporary legal documents, a Power of Attorney is the preferred choice in terms of future planning.
The risk of supervening mental incapacity grows through longevity, but through illness or accident it can hit at any time.
Here’s a tip for you to try this week :
Have a discussion with your loved one this week to see how they feel about you having some access to their finances and how it would work, Book an appointment with the necessary organisations, such as banks/building societies to discuss how you would be able to support their finances if required., Research some information about Power of Attorney and how this may be helpful, if required., Book an appointment with a member of the Bridgit Carer Coach team,
You can visit the Bridgit Shop at anytime to find our what products and services can support you.