How to help a vulnerable adult manage their finances


Find out the best methods for helping to manage the finances of someone with dementia or an elderly relative.

Mental Capacity

A person’s mental capacity is decided upon whether or not they have the ability to understand, remember and act upon appropriate information and therefore if they can make decisions for themselves.

For someone who has mental capacity a 3rd Party Mandate or Ordinary Power of Attorney may be an appropriate way of having someone to assist with managing their finances.

For a vulnerable adult who lacks mental capacity perhaps due to Dementia, an Attorney or Deputy may be able to take over the management of the persons finances.

Third Party Withdrawals

A third party withdrawal authority allows an account holder with mental capacity to authorise another person to withdraw funds from their account. In exceptional circumstances this could be for convenience or due to a physical disability for instance.  For long term arrangements, a Power of Attorney would be required.
We would require:

  • A written instruction from the account holder
  • This should specifically name the person who will action the transaction, as well as, specifying the amount of money involved
  • Proof of identity for the named person undertaking the transaction on the account holder's behalf.
Appointee

An Appointee is assigned by the Department for Work and Pensions (DWP) to help manage a person’s state benefits. This may be due to a physical disability or if the person does not have mental capacity. To become an Appointee you should contact your local DWP office, an appointee form (BF56) will need to be completed. To manage other finances you would need to apply to become a Deputy.

Deputyship

Deputyship Explained is a guide on how a Deputy can successfully and easily manage a vulnerable person’s affairs.

To access an account as a Deputy we will require:

  • A certified copy of the court order
  • Proof of your name and address, and that of the account holder if they do not already have an existing account with us.
Power of Attorney

Power of Attorney: A Simple Guide is an easy to understand explanation of the different types of Power of Attorney available, and how each type can be used.

To open a new account we require:

Applicant 1 should be the Attorney, please note this next to the ‘Applicant 1’ heading. The customer details should then be completed under Applicant 2. In the event that there is more than one Attorney all of them must complete and sign the application form.

  • We require two pieces of identification for all Attorneys and the customer. Please see our list of acceptable documents.
  • A certified copy of the Power of Attorney document.

To add an Attorney to an existing account we require:

Signed by the Attorney and if possible the customer. If it is not possible for the customer to sign this should be stated on the form with a reason.

  • Two pieces of identification for the Attorney. Please see our list of acceptable documents.
  • A certified copy of the Power of Attorney document.

Please contact our Customer Support Team on 01225 423271 for further information about how we can help, or visit Savings to find out more about our suitable products.

The information given in this guide is based on Bath Building Society’s understanding of Power of Attorney as at March 2015, which may change in future. It does not constitute a recommendation and individuals are advised to seek professional independent advice.