Publication
Facing Dementia
| Contents: | Introduction Section One: Your diagnosis Section Two: About dementia Section Three: How will dementia affect you? Section Four: What can you do? Section Five: Emotional support Section Six: Practical help Section Seven: Planning for the future | Work | Driving |Medical care | Living arrangements Section Eight: Financial arrangements | Extra money | Paying bills | Power of attorney | Make a will | Trusts Section Nine: Medical research | Further information for you and your family |
Section Eight: Financial arrangements | Extra money | Paying bills | Power of attorney | Make a will | Trusts
Dementia will affect your ability to look after your financial affairs. It is important to think about this now so that you can arrange everything the way you want it. Make sure that all your important papers are in order, such as your mortgage, insurance, tax details and bank and building society statements. If you can, go through them with someone you trust.
The booklet 'Dementia: Money and Legal Matters' ?a guide for carers covers these arrangements in more detail. See the end of this booklet for how to get a copy.
There are benefits that you may be entitled to, to help you cope with the extra costs of having dementia. If you are of working age, benefits may help to compensate you if you can no longer work. Your social worker or community psychiatric nurse will advise you on how to apply for them. The DementiaHelpline (0808 808 3000) or your local Citizen's Advice Bureau, Community Law Centre or Money Advice Centre can also advise you on benefits.
Some of the main benefits you might be entitled to include Attendance Allowance, Disability Living Allowance, Income Support, Invalidity Benefit, Council Tax Discount and Benefit and Housing Benefit.
You can save yourself the trouble of remembering to pay bills.
- Ask your bank to set up direct debits and standing orders for all your regular bills such as gas, electricity, rent, and so on.
or
- Ask your bank manager to organise paying any bills for you from your account. This is called a general mandate, and the bank may charge a fee.
You can choose who will look after your financial affairs if you become unable to do it. Ask a solicitor to draw up a power of attorney for you which authorises someone you trust to deal with your money affairs. If you are on a low income, this may be available free or much cheaper than usual. Otherwise, a power of attorney will cost about £50 and will give you and your family peace of mind. Whoever you appoint as your attorney need not take over your affairs as long as you are still capable of doing it yourself, but they must be appointed in advance. It is important that you do this as soon as you can, to make sure that no-one claims later on that you weren't well enough to grant a power of attorney.
You can choose what you would like your attorney to be able to do for you. For example, you might want them to be able to run your bank account, complete your tax returns, sign documents or buy and sell property for you.
It helps if you can discuss who you choose as your attorney with the rest of your family so that they are aware of your wishes. You can choose more than one person to be joint attorneys for you if you like. Or you can choose a solicitor (but he or she will charge fees).
You can change your mind at any time and take away the power of attorney. This is best done by writing to the person or people you chose as your attorney and telling them that they no longer have the authority to act for you. You should also write to your bank or building society to tell them.
Like everyone, you should make a will to make sure that your property and possessions go to the right people when you die. It is very important to draw up your will now, while you are clear about what you want. See a solicitor to help you do this. A simple will costs about £40, or less if you are on a low income.
If you are fairly well off, it might be to your advantage to set up a trust. This might be worthwhile if you own your home or have savings of more than £10,000. A trust can take over your money and property and administer it for your benefit. Trusts can be worded so that the money in them does not count as part of your capital for assessing some benefits. Ask a solicitor about this.
Summary
Put your papers in order.
Find out what benefits you can get.
Get your bills paid for you.
Summary
Give someone you trust a power of attorney so that they can look after your financial affairs if you can no longer do it.
Make a will.
If you are fairly well off, see a solicitor about setting up a trust.