I was thinking in a situation for example like an accident, resulting in a coma or something like that.
Is it possible to allow someone else to manage our bank or PayPal accounts in that case?
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1Are you looking for technical mechanisms (sharing credentials when certain things happen) or legal mechanisms (springing and durable power of attorney)?– Ben VoigtCommented Feb 22, 2019 at 15:10
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I don't want to share my credentials (or maybe yes but if there is a way to limit the access only in case of emergency). I think then is more a legal power, but again, only in case of emergency– EnriqueCommented Feb 22, 2019 at 19:46
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A password manager with the master password written down somewhere safe (e.g. a safe deposit box in a bank).– KevinCommented Feb 22, 2019 at 23:31
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Possibly: en.wikipedia.org/wiki/…– chili555Commented Feb 23, 2019 at 1:19
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1@Enrique: You don't need a lawyer to establish a power of attorney. You can buy kits with forms for your location (or the location where your bank is headquartered) and fill in the blanks, then sign with an appropriate witness (usually a notary). You want the form for springing and durable power of attorney.– Ben VoigtCommented Feb 23, 2019 at 6:07
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1 Answer
In the UK you can declare one or more persons your Lasting power of attorney.
From the .gov.uk website
The person who appoints you is called the ‘donor’. You’re their ‘attorney’.
You don’t need any legal experience to act as someone’s attorney.
The types of decisions you make depend on whether you’re a:
- property and financial affairs attorney
- health and welfare attorney
You can appoint multiple attorneys and even specify if they must come to a joint decision or if one person can make a decision on their own.
The role of a financial affairs attorney:
As a property and financial affairs attorney, you make (or help the donor make) decisions about things like:
- money, tax and bills bank and building society accounts property and
- investments pensions and benefits You can use the donor’s money to
- look after their home and buy anything they need day to day (for
- example, food).
This essentially means if you're incapacitated and unable to manage your own money, your LPA can do this for you as you describe. My grandmother did this when her father was no longer able to look after himself, it's not too difficult but a good accountant can be useful.
To appoint someone as your attorney, you need to fill out the appropriate forms and register your LPA. It it currently costs £82 to register each type of attorney (you apply for each one separately)
