Money and rights · 30 min
Helping with someone else's money
When you start helping a parent or someone you care for with their money: the right permission, separate records, and their wishes first.
Paying a parent's bills, collecting their pension, or helping with their bank: it often starts informally, with good intentions. But helping with someone else's money without the right arrangements can leave both of you exposed. A few careful steps protect them and you.
The steps
Four small steps,in your own time.
Ask the person what help they would like, and what they want to keep doing themselves. Their wishes come first, as long as they can make them.
Find out what formal permission you need. Banks and official services often have ways to let a trusted person help, from a simple authority on one account to a legal power of attorney.
Keep their money completely separate from yours. Never put their money into your account, and keep receipts for anything you buy for them.
Keep a simple record of what you do: payments made, money spent, and letters received, and show it to them regularly.
The reason
Why it helps
The right permission means banks and services can talk to you, and protects you if anyone questions what has been done. Keeping money separate and recorded avoids misunderstandings with the person or with others in the family, and helps protect them from financial abuse.
A gentle variation
If the person can no longer make decisions about money, ask an official or recognised advice service what arrangements are possible where you live. If you share caring with family, agree who handles what, and share the records.
WE · TRIBE
Try itwith someone.
Sit down with the person and go through their regular bills together, so they know what is being paid and stay involved. It is their money, and staying in charge of it matters.
Try it today
Today, ask the person you help with money what they want to keep doing themselves, and write it down.
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