Finances, Shared Finances

I need to take control of my loved ones finances but they do not have the mental capacity

I need to take control of my loved ones finances but they do not have the mental capacity

Why don’t you try? : Protecting the finances of my loved one who has lost mental capacity

Arranging to formally manage someone’s money for them is a big step & both for you and the person you’re helping.
It means that at some point, you could have complete responsibility for their finances and interests. It’s only the right thing to do if you’re both completely comfortable with it, and if it’s really necessary.
If the person you want to help has lost mental capacity you’ll need to apply to the Court of Protection to get legal permission to manage their money for them.
If someone’s income is only made up of state pension or welfare benefits and no power of attorney exists, it’s usually better to apply to the Department for Work and Pensions (DWP) to become an appointee instead. This allows you to have their pension or benefit paid directly to you so you can manage it on their behalf.
You can also use an appointee for local authority benefits, such as Housing Benefit or Council Tax Reduction.

Source: Money Advice Service
Source: Pexels

Here’s a tip for you to try this week :

Book an appointment with the Court of Protection regarding further information and nominating a deputy, Book an appointment with a member of the Bridgit Carer Coach team, Check this week that there is no existing documentation or procedures already in place for your loved one,

You can visit the Bridgit Shop at anytime to find our what products and services can support you.

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