What kind of help can I provide?

What kind of help can I provide?

You may have been asked by a friend or relative to help manage their financial affairs, or you may have been appointed by a court where you live. If you've been given the right to access someone else's account on their behalf, this is known as 'third party access'.

Third party access might be used in a number of scenarios, but the most common are when the account holder is going travelling for a few months, knows they're going into hospital, or is in poor mental or physical health.

It can seem like quite a responsibility, as you may be called to make critical decisions. The day-to-day managing of another person's finances as well as your own can seem overwhelming. This guide is designed to help you find out what you may need to do, depending on your situation.

What are the options?

There are different options available for you to help manage someone's financial affairs depending on both of your circumstances and what help is needed. You must always act in the best interest of the account holder.

1. Third party mandate on savings accounts

If help is needed to manage another person's savings account, usually for a limited time, a third party mandate may be used.

Third party mandate

Related guides

Do you need help with your own finances? Read our guide for more help.

Managing your own financial affairs

2. General power of attorney

If help is needed managing financial affairs in the short term, or for as long as the account holder is able to give instructions, then a general (ordinary) power of attorney might be helpful.

General power of attorney

3. Lasting power of attorney

If help is needed managing financial affairs and the account holder wants this to continue should they lose capacity - or the account holder just wants someone to be able to manage their financial affairs should they lose capacity in the future - then you may want to look into a lasting power of attorney.

Lasting power of attorney

4. Court of protection order

If a friend or relative is not able to make decisions about their own financial affairs, and a lasting or enduring power of attorney is not in place, a court of protection order might be used. 

Court of protection order

Third party mandate

General power of attorney

Lasting power of attorney

Court of protection order