Whether we like it or not everyone will experience death at some point while you may be asked to manage the affairs of somebody else if they have passed away or become incapacitated in some way. This issue can be especially difficult to understand if you have elderly relatives or if you are a carer for somebody who is seriously ill or cannot carry out basic personal administrative tasks by themselves. Therefore, you should also understand the legal processes which are involved in managing someone else’s affairs, especially after they die. This is especially pertinent if you are not legally savvy or if you have to deal with a number of financial issues with which you may be unfamiliar. Therefore, by following these simple steps, you can understand the various processes that are needed when you have to manage someone else’s affairs in a way that they would have wanted.
Managing the various affairs
If you have been asked about managing affairs for someone else when they die, you may have to undertake a variety of different tasks, including managing bank accounts, investments or other financial issues. Furthermore, you may be asked to sell commercial or residential properties or you may have to deal with other issues such as welfare or benefits. In addition, there are a number of different ways to manage a person’s affairs, which you should consider before taking on this particular task.
Different legal obligations
Therefore, as a result of the various personal affairs that everybody conducts when they are alive, it is important that you understand their life situation and personal circumstances if you have been asked to manage their affairs after they have died. Indeed, people like to manage their affairs in different ways, meaning if you have been asked to manage someone else’s affairs, you should understand their personal circumstances while also considering their mental capacity in case you must take decisions on their behalf. If you have been asked to undertake the management of someone else’s affairs, you should also think about the legal requirements, especially gaining a mandate to deal with their financial accounts or other investments or savings. In addition, you should also understand that taking the power of attorney is another way to make sure that you make the right decisions.
One of the simplest things that you can do if you have been asked to manage someone’s affairs, either before or after they die is to gain authorisation to a third-party mandate which will help you to manage their financial affairs in the long term. Indeed, if you require extra powers, then you should also think about gaining power of attorney which can help you to manage the affairs of someone after they die.
Welfare or tax credits
Another area where people are often asked to help manage the personal affairs of other people relates to welfare benefits or tax credits. If you have been asked to manage someone else’s affairs, then you may also need to gain a third-party mandate from various building societies or banks, in which welfare benefits or tax credits are paid. The simplest way to make sure you are legally able to manage the affairs of someone else is to be appointed with the power of attorney which can give you the ability to act on that person’s behalf, especially in relation to financial or welfare issues.
If you have been asked to manage someone else’s affairs, then you should make sure you understand the various legal requirements that you will have to conform to in order to make sure their affairs are managed appropriately after their death.