Why don’t you try? : Steps to take to manage another’s finances
Thinking and talking about what would happen if our faculties deserted us is uncomfortable. Yet it’s important to consider how much worse the situation would be if you had a stroke, serious accident or dementia (eg, Alzheimer’s) without sorting it first.
If someone has difficulties that mean they can’t make decisions anymore, they will need help managing their finances.
A Lasting Power of Attorney (LPA) is a legal document where someone (while they still have mental capacity) nominates a trusted friend or relative to look after their affairs if they lost capacity. Your representative should only ever make a choice for you if you’re unable to make that specific decision at the time it needs to be made. For example, if you fall into a coma, your representative would start looking after your affairs. Yet if you wake from the coma, you should be able to make your own decisions again.
Mention an LPA and many will automatically think of a person’s finances, but there are actually two types to consider: one for finance and property, and another for health and welfare.
Here’s a tip for you to try this week :
Visit the Money Helper website for information and tips on money management, Look online for any financial grants or discount schemes you may be entitled if you are on a low income. https://www.moneysavingexpert.com/family/grants-low-income/,
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