Ask Our Senior Solicitor and Director:
Interesting question from Dave of Gosforth:
” My father-in-law has asked me to look after his bank account and his other financial affairs. What should I do next? “
Our Senior Solicitor writes:
Hi Dave, that is a great question as your father-in law’s bank will not just let another person (it does not matter that you are related) operate his account without your father-in-law taking certain steps first.
The advice also is dependent on the reasons why your father-in law wants you to handle his financial affairs. If he has mental capacity and he is capable of managing his financial affairs himself but perhaps he is finding it difficult to get out and walk to the bank, then there are some simple steps he can take to allow someone else to operate his account, for example by setting up a third party mandate for you to manage the account on his behalf.
Your father-in-law may also wish to think about changing his bank account to a joint account. Alternatively he could think about giving you what is called a General Power of Attorney – which would give authority to you to make decisions and take action about his finances while he still has mental capacity.
If your father-in-law is losing mental capacity or has been diagnosed with an illness which may cause him to lose capacity, he may wish to make a Lasting Power of Attorney which will still be valid if he loses mental capacity and is no longer able to make your own decisions.
We would be very happy to discuss this further with you and of course your father-in-law to help him decide which would be the best way forward, please contact me on 0191 466 1444 or alternatively contact us here and we will get back to you directly.