September 23rd 2024.
When Bruce Robinson's brother Pete reached his late 50s, he began experiencing health issues. After seeking medical help, he was diagnosed with Lewy body dementia. For Bruce, it was a difficult and emotional journey to watch his brother's health decline.
One of the first signs of Pete's illness was his inability to manage his finances. Bruce recalls how his brother struggled to understand numbers and even had trouble using his credit card. It was a stressful time for Bruce, who had to step in and help manage Pete's financial affairs. Despite living in different cities, Bruce was able to assist his brother by setting up a lasting power of attorney for finance.
This gave Bruce the legal authority to make decisions on Pete's behalf, but it was still a challenge to navigate the complex world of benefits and bills. With the support of his other brothers, they were able to ensure Pete could continue to live at home with the help of carers until he passed away at the age of 59 in 2021.
For Bruce, managing Pete's finances was one of the most stressful aspects of his brother's illness, despite his background in private healthcare. He stresses the importance of having plans in place to help relatives in case of such unfortunate circumstances.
As Bruce and his family learned, difficulties with finances can be one of the first signs of a serious illness. In fact, studies have shown that it may be possible to detect Alzheimer's through an individual's banking transactions years before other symptoms appear. Additionally, sudden illness or accidents can also rob someone of their ability to manage their finances. That's why it's crucial for everyone to have plans in place for someone else to manage their money if necessary.
Emily Deane, head of government affairs at Step, a trade body for lawyers and accountants who assist with future planning, emphasizes the importance of making decisions in advance to avoid potential pain and financial abuse. She explains that planning ahead can ensure that an individual's wishes are followed and reduce the risk of financial exploitation.
There are several steps one can take to ensure their finances are in order for any eventuality. Setting up a lasting power of attorney (LPA) is one of them. This legal document grants someone else the authority to make decisions on behalf of the individual. There are two types of LPA - one for financial decisions and one for health decisions. It's not necessary to appoint the same person for both areas.
It's also essential to have an up-to-date will. Surprisingly, almost 70% of people do not have a will. To make a will, an individual must have the mental capacity to understand what they are doing. That's why it's recommended to make a will as early as possible to avoid any challenges to its validity.
Peter de Vena Franks, Will Aid campaign director, describes making a will as a "loving act." He explains that although it may be uncomfortable to think about, it can prevent confusion and distress among family members and beneficiaries in the future. As part of Free Wills Month, individuals over 55 can write their will for free with a solicitor during October.
Once someone has set up an LPA and will, it's vital to make sure their family knows where to find these documents and other financial information. This includes a list of documents, passwords, and evidence of ownership of investments and insurance policies. Kirsten Pettigrew, a chartered financial planner, advises including plans for managing online accounts and identities after death.
If a family member is unable to manage their finances due to illness or an accident, there are resources available to help. Citizens Advice and Age UK offer free benefits checks to ensure individuals are receiving the support they are entitled to. The Alzheimer's Society also provides assistance with completing an LPA. And for those who may be experiencing financial abuse, the charity Money Advice Plus offers free advice and support.
Dementia is the UK's biggest killer, yet it remains hidden behind closed doors. The Alzheimer's Society is working to create an unignorable case for urgent action. They encourage individuals to share their dementia stories to raise awareness and provide support and resources for those affected by the condition. For more information and support, visit alzheimers.org.uk.
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