Managing someone else's money

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 24 February 2021

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

Who will take care of your affairs if you can't and how do you go about giving someone the right to manage your money?

It can be a big step for everyone involved but setting up a power of attorney is one way to allow someone to control your money and personal needs. One or more people can help with dealing with your bank, paying your bills, and arranging care.

But what if an individual doesn't have the mental capacity to grant power of attorney and what can you do if you're concerned that a relative's finances aren’t being managed responsibly?

Presenter Felicity Hannah is joined by:

Sandra McDonald, former public guardian for Scotland Melinda Giles, partner at Giles Wilson Solicitors Sarah Murphy, associate director for advice, information & training at ReThink

We’d love to hear from you if you’re thinking about letting someone else manage your money or if you’d like to share your experience as an attorney. Please get in touch: moneybox@bbc.co.uk or tweet @MoneyBox.

Producer: Darin Graham Editor: Rosamund Jones

Transcript

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0:00.0	You're about to listen to a BBC podcast, but this is about something else you might enjoy.
0:05.4	My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.
0:10.8	The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.
0:17.5	With music on sounds, we offer collections and mixes for everything, from workouts to
0:22.4	helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put
0:28.3	together by people who know their stuff. So if you want some expertly curated music in your life,
0:35.0	check out BBC Sounds.
0:41.3	BBC Sounds, music, radio, podcasts.
0:45.5	Hello, and thanks for downloading this episode of Moneybox Live, the program about your money.
0:50.2	In today's show, if you couldn't manage your own finances, who would you want to do it for you?
0:52.6	Would you trust a parent or a partner or a pal?
0:55.0	Would you be happier leaving it to the state?
0:59.5	And what if someone asked you to manage their affairs if they no longer could? We're going to talk today about the rules for taking care of someone else's finances, about setting up power of attorney
1:04.2	and about what the other options are if that's not possible. Let's go straight to a question.
1:08.9	Amina got in touch with the show, her mother went into hospital with COVID-19 in December. Coronavirus has gone from her lungs. It's spread through
1:16.1	to into her brain and it's now affecting her brain steps. So she's paralyzed from her neck down.
1:22.5	We didn't anticipate her to be in hospital for the amount of time that she's been in, which
1:26.9	has now been sort of around 60 time that she's been in, which has now been
1:27.7	sort of around 60 days, it's been very challenging to manage her house as I have no access
1:37.6	to any of her accounts, as they won't talk to me because I'm not obviously my mother. And I cannot apply for a power of attorney because she has no capability of applying for a power of attorney to allow me to be that.
1:52.2	And I've had to set up a fundraising page because I needed to have support with the bills. The bills don't disappear. So my question
2:03.0	would be, for a person that is unable to communicate, how can their next akin or family
	...

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