Responsibilities of Deputies and Attorneys
Taking on the role of deputy or attorney to manage someone else’s property and financial affairs is an onerous and time-consuming job (without pay) which should not be underestimated.
The first thing to do is ensure that you know where all their assets are held. This may take some time to discover especially if some are held electronically.
Just because someone needs a deputy or attorney does not mean that they are unable to manage a small account which they can use for food and fun, whilst you run everything else. The simplest way to deal with this is for you, as deputy/attorney to pay them a weekly allowance. That way it reduces the funds they can access so they are less likely to be scammed or taken advantage of.
Having found all their assets you will need to register either the deputy order or the LPA with each institution. This may take weeks to sort especially as each institution has different requirements.
You may wish to reduce the number of accounts down to make matters easier to manage. You will certainly want to make sure that as much as possible is paid directly into their accounts and that direct debits and standing orders are set up for the payments out. Not only will this reduce the amount of work you have to do but it will also ensure that the account statements will show what you were doing. Proper records are key so that if asked you have details of what happened.
You also need to ensure that their money is held separately to yours (unless of course you are married/in a partnership with them).
When it comes to making decisions about the person whose affairs you are looking after they must be made in that person’s best interests. What this means is what is the right thing to do at that time for them. This may be very different to what they would want. As with everything in life just because someone wants something doesn’t mean they should get it! This is especially true with gifting as the power to do so is very limited.
If in doubt as to what you should do obtain advice – it is always cheaper to get advice so anything is done correctly rather than pay to sort it out afterwards. This also protects you if anyone were to question your actions. If there may be a conflict of interest , for example, selling their home to a member of the family, then advice is vital to ensure that everything is done correctly.
Other matters to look at is to check who owns their property. If it is registered at HM Land Registry then you will be able to obtain a copy of the title for £7. You should also set up a property alert: https://propertyalert.landregistry.gov.uk/
It is a free service which allows anyone to monitor activity on up to 10 houses which can help prevent fraud.
Finally, it is important that as deputy or attorney you request to see their will (and any codicils) to ensure that nothing you do will change where their estate is left.