Lexis®Library update: This aims to explain the principles of decision making and the processes in place where parents or carers need to make financial decisions for young people aged 16 to 25 who lack the mental capacity to make decisions for themselves.
By the end of the toolkit, parents and carers should be able to understand:
• what lacking mental capacity means and the decision-making principles
• the changes to decision-making when a child reaches adulthood
• the relevant route to make financial decisions on behalf of a young person, including how to access a Child Trust Fund
• if the young person is under the age of 18, how to prepare to make financial decisions when they reach adulthood
Sources:
• Making finance decisions for young people: parent and carer toolkit
This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 9 June 2023 and is published with permission. Further information can be found at: www.lexisnexis.co.uk
