Power of Attorney

In some cases you may need someone else to manage your account for you: this is known as giving someone 'power of attorney'. This person can manage your account when you are temporarily unable, perhaps if you are going travelling or will be staying in hospital. If you have a joint account with other people, the banking institution will usually recognise someone to whom you have given power of attorney as a temporary account holder. This person can then authorise deposits and withdrawals on your behalf.

If you become mentally ill, or your mental faculties are temporarily comprimised, the Court of Protection (in England) will usually provide an order that the account must be closed, or must be operated by someone with power of attorney. This prevents other account holders from abusing the account if you are mentally unfit.
Similarly, it is important to take legal advice before entering into any power of attorney contract. This prevents someone from abusing their power and ensures that you are not left in financial difficulties. Often the banking institution which provides the joint account will be able to advise you on the correct course of action, and on specific legal terms.