Managing another person's financial affairs is a serious responsibility. Attorneys, deputies and sometimes executors or trustees may need to deal with bank accounts, bills, care fees, property, tax, investments and record keeping. Preston Redman supports clients who are taking on that role and want to do things properly.
How Preston Redman Can Help
- Advising attorneys on their responsibilities under a Property and Financial Lasting Power of Attorney
- Supporting deputies appointed by the Court of Protection
- Helping with bills, care fees and financial administration
- Advising on property sales or rental arrangements
- Explaining record keeping and reporting duties
- Liaising with banks, investment managers and accountants
- Advising on gifts, expenses and best interests decisions
- Helping families resolve uncertainty about authority
Why This Matters
Financial management can quickly become complex, especially where a person has lost capacity, owns property, receives care, has investment portfolios or needs tax returns. The person managing the finances must act carefully, keep records and understand the limits of their authority. Clear advice at the start can prevent mistakes later.
When to Take Advice
You may wish to speak to Preston Redman if any of the following apply:
- You have been appointed as attorney or deputy
- A relative can no longer manage finances alone
- Care fees and household bills need to be dealt with
- A property needs to be sold or maintained
- Financial institutions are asking for documents
- Family members are concerned about how money is being used
- Annual deputy reports or accounts are required
Key Considerations
The right approach depends on the source of authority. An attorney under an LPA, an attorney under an EPA, a deputy and a trustee all have different powers and duties. Preston Redman will help identify what document applies, what decisions can be made and when further authority or tax advice may be needed.
What the Process Usually Involves
The first step is usually a focused conversation about what has prompted you to seek advice and what outcome you want to achieve. Preston Redman will then identify the documents, information and decisions needed, explain the likely options and help you understand the consequences of each route. We aim to make the process feel manageable, particularly where the background is emotional, urgent or technically complex.
For many clients, the most useful part of the process is having the issues organised clearly. We can help you separate the decisions that need to be made now from the points that can sensibly be reviewed later. Where specialist tax, financial planning or accounting input is required, Preston Redman can work alongside your advisers so that everyone is working from the same plan.
Useful Information to Gather Before Speaking to Us
You do not need to have every detail ready before contacting Preston Redman, but the following information can help us give focused advice more quickly:
- A brief summary of the person’s financial circumstances
- Details of any existing Wills, trusts, powers of attorney or court orders
- An approximate list of relevant assets, liabilities and income sources
- Details of any urgent deadlines, tax dates or practical concerns
- The names of any accountants, financial advisers or other professionals already involved
Why choose Preston Redman?
Preston Redman combines specialist Private Client experience with the reassurance of a long-established Dorset law firm. The firm holds Lexcel accreditation, reflecting recognised standards in practice management and client care. Within the Private Client team, there are full members of the Society of Trust and Estate Practitioners (STEP), an international association for professionals specialising in family inheritance and succession planning.
Clients come to Preston Redman because they want advice that is technically sound but easy to understand. Our Private Client solicitors take time to explain the legal position, identify the practical choices and provide a clear route forward. We understand that these matters often involve family, money, health and long-term security, so our advice is direct without losing sight of the personal context.
Frequently Asked Questions
Can an attorney make gifts?
Only in limited circumstances. Larger or unusual gifts may require approval from the Court of Protection.
Do attorneys need to keep accounts?
Yes. Good records are important and may be needed if questions are raised.
Can Preston Redman help with banks and paperwork?
Yes. We can guide attorneys and deputies through the practical administration.
What if family members disagree?
We can explain the legal duties and help identify a sensible route forward.
Speak to Preston Redman
If you need help with management of financial affairs, Preston Redman’s helpful Private Client team can guide you through the options and help you take the next step with confidence.
Call our team today so we can help you with your management of financial affairs requirements.
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