If your young person is unable to manage their own money or bank account with support, then there are other options you can consider:
Lasting power of attorney – where your son or daughter gives you the power to look after their finances. They would need the mental capacity to give you this power and as an attorney you must always act in the person’s best interests and consider their wishes and choices as much as possible. There are certain duties such as keeping the person’s money in a separate account from their own, and keeping records of how the money is used. A lasting power of attorney needs to be authorised by the Office of the Public Guardian.
Deputyship – if your young person lacks the mental capacity to give you power of attorney, you can apply to the Court of Protection for deputyship for property and financial affairs. There are some cost implications to consider when applying for a lasting power of attorney and/or a deputyship.
When your child turns 16, the Department of Work and Pensions (DWP) will deal directly with your son or daughter. If they do not have mental capacity to manage their own benefits, you can ask the DWP to make you an appointee to handle their benefits on their behalf.