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Setting up a Third Party Mandate, Lasting Power of Attorney or appointing a Deputy
When a family member is managing your money for you, or for another family member, concerns can crop up. Often the problems can be easily sorted out.
Even if you’re able to manage your money yourself now, it can be worthwhile thinking about who’d help you if you couldn’t do it any more.
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, now or in the future, you could have complete responsibility for their finances and their interests.
It’s essential to plan for how your money should be handled in the event of an illness or death. Good planning will help make sure you or your family are ready to meet any of the costs that might arise. It will also allow you provide for your loved ones and ease the burden on them.
If you know that you’re going to find it more difficult to manage your money in the future, it’s a good idea to get some measures in place now so that someone else will be able to do it for you
Do you need someone to manage money for you – for example to use it to help someone after your death, or to pay for your care later on? One way to do this is to put the money into a trust.
Most people have a positive experience of the care they receive but problems sometimes occur and you may want to make a complaint. Whether the care is provided at home or in a care home, or you’ve bought a care product such as a mobility aid, it’s important to know your rights.
Being a trustee is often an important way to help a friend or family member. It means you take responsibility for money that’s been set aside in a trust for someone else. You’ll manage the money for them, only use it in their best interest and obey the rules of the trust.
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