At the moment, you might be making your own decisions about your finances. But there may come a time when it becomes difficult for you to manage all your affairs, or when you become unable to make or communicate decisions.
You may be able to arrange for someone you trust to make decisions about your financial affairs if you become unable to. There are different ways you can do this. It could include doing some of the things we explain on this page. If you’re not sure about what might be best for your individual situation, our financial guides can help. Call them on 0808 808 00 00.
Setting up a joint bank account
You could set up a joint bank account, or change an existing account so it’s held jointly with someone else. This person would then be able to take out money and make payments. They would also become jointly responsible for any overdraft on the account, and they would become solely responsible for the overdraft if you died.
Setting up a third-party mandate
A third-party mandate is an arrangement where your bank accepts instructions about your account from someone else, such as a partner or carer. The bank account is still yours, but that person will be able to take out money, write cheques and make other transactions in your name. Most banks will ask you to fill out a form to apply for a third-party mandate. Not all mandates are approved by the bank.
The mandate should stop working immediately if you lose your mental capacity. As the bank will not know about any change in your condition, it’s important for the person you nominate in the third-party mandate to tell them as soon as possible.