You could be asked to help them keep on top of bills and paperwork or withdraw cash from the bank. At some point, you may even need to take on the responsibility of managing their finances.
Make sure you know where their money is and what filing systems they use, as well as how and when they pay their bills.
Keep records of all money you receive or spend on behalf of the person you are caring for. You may want to talk to other family members, to ensure everyone understands the responsibilities you are taking on. This will help to avoid any misunderstandings
Third Party Access and Lasting Power of Attorney
If you and the person you are caring for believe you may need to help them manage their money or day to day banking in the future, it may be worth considering setting up Third Party Access or Lasting Power of Attorney. Both provide a way of giving a trusted person authority to manage a person’s banking and other financial affairs:
- Third Party Access is where you give a trusted person (a nominee) access to your accounts so they can sort out all your day to day banking. This is set up at your bank and can be cancelled at any time.
- Lasting Power of Attorney is a legal document where you can give another person (your attorney) the authority to make certain decisions on your behalf. A Property and Financial Affairs LPA allows your attorney to deal with any decisions relating to your property or financial affairs, including dealing with the bank.
Banking options if you care for someone
There are lots of ways to make banking easier for you and the person you care for. You may want to set up:
- Direct Debits so regular bills are paid on time.
- Telephone banking
- Online and mobile banking
- Standing orders (STO) - the person you care for could set up a regular payment for a fixed amount into your account so you can withdraw money and pay bills for them (keep a record of what you spend on their behalf).
- Duplicate statements so you can check transactions and discuss it with the person you care for (the person you care for will need to request these).
For more information about the different banking options available talk to your bank. You can also see Barclays Bank Plc’s guide to Becoming a carer on their Carers’ forum.
Dosh (financial advocacy) support carers who are involved in managing money for a relative with a learning disability. They have a range of factsheets for carers.
Thank you to Barclays Bank Plc for helping us write this page.
Next update due: June 2017