Someone managing my finances

Getting someone you trust to help with your finances

There are several ways you can protect and secure your money if you become unwell or unable to make financial decisions for yourself. The sooner you talk to someone you trust - a friend or relative - about safeguarding your financial future, the sooner you'll know that your interests will be properly looked after.

Helping someone else with their finances?

Here are your options:

Third Party Mandate

A free and simple arrangement that enables someone you trust, the third party, access only to your Nationwide passbook savings accounts on your behalf. This can be set up entirely through Nationwide.

More information about a Third Party Mandate

General Power of Attorney

Allows you to appoint trusted family or friends, your attorneys, to help manage all or some of your accounts. A General Power of Attorney is usually best for short-term support while you are still able to make your own financial decisions and if help will be needed for a longer period of time, a Lasting Power of Attorney may be more suitable.

More information about General Power of Attorney

Lasting Power of Attorney

Registered with the Office of the Public Guardian, this allows you to appoint trusted family or friends, your attorneys, to support and help manage your financial affairs for your best interests. Unlike a General Power of Attorney, this will continue beyond such time as you can no longer make decisions for yourself.

More information about Lasting Power of Attorney

Court of Protection Order

This is a legal document from the court that allows someone else (usually a family member or trusted other people) to make on-going decisions for you if you have lost mental capacity and no Lasting Power of Attorney has been set up.

More information about Court of Protection Order
This may be used if you: Third party mandate General Power of Attorney Lasting Power of Attorney Court of Protection order
Just need some short-term help  Yes  Yes  No  No
Are abroad and won’t have access to your accounts  Yes  Yes  Yes  No
Are physically ill, injured or disabled  Yes  Yes  Yes  No
Are preparing for when you’ll be unable to make decisions  No  No  Yes  No
Have lost your mental capacity  No  No  No  Yes

Useful links

The Government website

The Government website gives a useful overview of the the information you need.

Age UK

The UK’s largest charity working with older people have a great deal of additional information.

UK Finance

Guidance for people wanting to manage a bank account for someone else.

Citizens advice

Free confidential assistance is always available in 316 UK wide location.

The NHS

The NHS can offer expert guidance on these matters.

United against dementia

United against dementia can offer informed advice.

Find a legal adviser

You may also want to speak to a solicitor about all your options.