Dealing With Another Person's Finances

What is a Power of Attorney?

When someone isn’t capable of dealing with their own finances, whatever the reasons, and need a trusted person to do it on their behalf, a Power of Attorney is required. The person who makes a Power of Attorney is called a Donor, and the person who receives it to act on their behalf is called an Attorney.

Many people choose to elect a Power of Attorney when they go into care or when they are diagnosed with life changing illnesses such as Dementia and Alzheimer’s. It’s important to consider making these legal decisions early on before an illness may be deemed to have robbed you of being mentally capable of making such decisions. By making difficult decisions early on it can be easier for family and loved ones to know and understand your wishes in advance, and enact decisions that you decided upon earlier.

How can Ostrich Money help with a Power of Attorney?

The Power of Attorney gives the attorney legal authority to deal with the Donor’s affairs, including their finances. This can mean dealing with their estate and being in contact with banks, the local council and other third parties where required. We can put you in touch with a Financial Adviser that can explain your duties as an Attorney and advise you about administering a person’s financial assets. They can also help you maintain financial accounts keeping records to prove that you have acted properly in line with your legal responsibilities.

Ostrich Law is able to advise you about setting up a Power of Attorney. For more details, click here.

Why choose Ostrich Money?

Ostrich Money has teamed up with Aspire Financial Management Ltd which is part of Tenet, one of the largest and longest established financial adviser groups in the UK. Aspire's Financial Advisers, which are based throughout the UK, can give you expert advice on areas such as investments, pensions, protection, tax planning, mortgages, long term care planning and much more for a worry-free financial future.