What is a Financial Deputy?

Financial Deputies are appointed by the Court of Protection to make decisions on behalf of a person who lacks the mental capacity to manage, control and make decisions about any assets, property or money received by them. They make decisions on behalf of the individual that are in their best interests.

Whilst it is sometime possible for a family member to become a Financial Deputy, due to the obligations that are placed on them by the Office of the Public Guardian and requirements to act in accordance with the Mental Capacity Act 2005, often families decide that it is better and easier to appoint a Professional Deputy, such as a solicitor.

The role of a Financial Deputy is to assist the individual and their family to make decisions about their finances and assets.

This usually involves:

  • Making decisions to ensure that there are available funds to meet every day needs such as budgeting with family members and professionals, and paying bills as they fall due.
  • Buying and adapting property to meet the person’s needs.
  • Obtaining financial advice from an Independent Financial Adviser about how to best invest any assets and then investing those assets.
  • Paying wages and dealing with employment issues of anyone that is employed by the individual, such as carers.
  • Liaising with the team of specialists who also work with the individual, such as therapists, case managers and care professionals.
  • Dealing with any benefits applications or applications for statutory funding.
  • Making applications to the Court of Protection.
  • Preparing an annual report and accounts for the Office of the Public Guardian and submitting tax return

Deputyship and Court of Protection after a compensation claim

Compensation payments in the brain injury claims for children are often substantial, and are usually made up of a lump sum award, which can be a multimillion pound settlement, and also annual payments for care costs.

If your child has suffered a brain injury, it is unlikely that they will be able to manage their own finances, and where they lack the capacity to do so, a Professional Deputy is usually appointed by the Court of Protection to manage their compensation. Once a claim settles, the money has to last your child for the rest of their life, and therefore the Court of Protection must be satisfied that the money is managed properly. By employing a Professional Deputy, your family will not need to worry about making sure that your child’s compensation is being properly used in their best interests; invested appropriately; and will meet their needs for their rest of their life. You can concentrate on being their parent and a family.

We have a dedicated team of Court of Protection lawyers that can help you to maximise your child’s compensation by obtaining formal investment advice, providing help with making big investment decisions and purchasing and adapting suitable accommodation, and reporting to, and preparing accounts for the Court of Protection.

The cost of employing a Professional Deputy can be incorporated into the claim for compensation and therefore your child will have funds to pay for the professional advice required.

Changing Lives

We believe that it is important for you to have a team around you that can provide the best specialist advice that you will need for your child. This is why we provide a holistic service where you obtain expert brain injury claims advice, and also help with Court of Protection/ Deputyship, Trusts and Education law.

More information and useful links

You can find more information about how the Court of Protection works and what the Office of Public Guardian does to make important decisions for others who cannot decide for themselves, at these websites:

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