Dealing with elderly parents’ finances
If you have a parent, or another relative or friend, who now isn’t able to make decisions about things in their lives, such as their finances, it can be an incredibly difficult thing for everyone close to them to come to terms with. Taking care of elderly parents’ finances, or those of another loved one, can feel like quite a responsibility; you will need to take their best interests into account with every financial decision that you make on their behalf.
If you want to find out how to take over finances for an elderly parent or another vulnerable relative or friend, the Court of Protection is the institution responsible for deciding on whether someone has the mental capacity to make their own decisions or not. The area of the elderly and finances can be complex if you need to make decisions on someone else’s behalf but don’t yet have the authority to do so. Stephensons can offer all the help and advice you need to work out which option is best for your particular circumstances and for the elderly or vulnerable relative or friend that you wish to help.
How to talk to elderly parents about finances
Having an essential conversation with a vulnerable or elderly person about their finances or other important decisions that they might no longer be in a position to make themselves is not always easy. Things can sometimes be further complicated by physical or mental health problems, or conditions like dementia, which can make talking to your loved one about this quite a challenge. It might be the case that it simply isn’t possible for your parent, relative or friend to talk to you about this at all.
If this sounds like your situation, there are a number of different options available which will give you the authority to take financial decisions on behalf of your loved one, in their best interests, whether that’s a one-off major decision, or ongoing decisions. Get in touch with the team at Stephensons today to find out more.
What’s the difference between the Court of Protection and power of attorney?
An elderly person may choose to give you power of attorney whilst they still have the capacity to make their own decisions. This will allow you to make decisions on their behalf, once they are no longer able to do so themselves, in regard to their future care, their finances, property or other assets.
The Court of Protection is there for when there is no appropriate power of attorney already in place to make these types of decisions on behalf of the person without capacity. The Court of Protection can appoint a deputy or deputies to make these decisions.
If you want to apply to the Court of Protection to become a deputy, Stephensons can help you to complete and submit the appropriate application forms and declarations and provide all the advice and support that you need throughout the process. Contact us for more information.
Further information
The advice provided to non-face to face clients will be through electronic or written communication only e.g. by telephone and email. Stephensons Solicitors LLP assumes no responsibility for, and shall not be liable for, (a) verification of mental capacity or testamentary capacity (b) verification of any undue influence or duress involved (c) the execution of any documents.
