Although your agent may collect the money for you, the money is still yours and you are the only person who can decide how it should be spent. This is a legal way of giving someone else power to manage your money. It can only be used if you fully understand your finances. It is automatically cancelled if you become confused and you can stop it at any time if you change your mind. In complicated cases a solicitor or accountant might be chosen.
Most people seek legal advice first.
It is not recommended for people with trouble remembering things. Some people suffer from mental or physical illness which interferes with their memory or ability to make sensible decisions. It may mean that they cannot safely decide about money. Someone else may have to take over. There are three main ways this can be done.