12/12/2023 0 Comments Making financial decisions![]() The purpose of the MCA is to empower people to make their own decisions wherever possible. The Mental Capacity Act 2005 (MCA) applies to everyone over 16 years old who lives in England and Wales and lacks the capacity to make some or all of their own decisions. a memory disorder such as childhood dementia.This may be because of an illness or condition which changes their capacity.Ī young person may have fluctuating capacity at a particular time if they have, for example: This means that some people may lack capacity at some times, but not at others.įor example, a young person may have the capacity to decide what they want for breakfast one day, but not the next. The ability to make decisions can also change depending on when the decision needs to be made. ![]() For example, a young person could have the ability to make a decision about what they want to eat, but not what they want to wear. The ability to make a decision may change depending on the decision that needs to be made. This might be due to disability, disease or injury. When a person lacks mental capacity, they do not have the ability to make a particular decision for themselves at the time it needs to be made. Mental capacity refers to the ability for a person to make a decision for themselves at the time it needs to be made. At the end of this toolkit, there is a glossary explaining key terms you may encounter in this toolkit. When a child or young person transitions to adulthood, new principles also apply to health and welfare decisions, including making decisions about care, made on their behalf.Īdvice on making health decisions for people who lack mental capacity can be found on the GOV.UK website. if the young person is under the age of 18, how to prepare to make financial decisions when they reach adulthood.the relevant route for you to make financial decisions on behalf of a young person, including how to access a Child Trust Fund.the changes to decision-making when a child reaches adulthood.what lacking mental capacity means and the decision-making principles.These processes exist to protect young people and their money, as well as to help you empower them to make their own decisions about their finances, where possible.īy the end of this toolkit, you should be able to understand: It aims to explain the principles of decision making and the processes in place to make financial decisions on a young person’s behalf. This toolkit is a guide for parents and carers to make financial decisions on behalf of young people from ages 14 to 25 who may lack the mental capacity to make decisions for themselves. In particular, once a young person enters adulthood, you must decide if it is appropriate for you to continue to make financial decisions on their behalf, and follow the rules in place to allow you to do so. As a parent or carer, supporting a young person who lacks capacity to make financial decisions may be challenging.
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