Dealing with the finances of a loved one with dementia

shu-Elderly woman doing finances-744729046-Bojan MilinkovIn the changing landscape of financial transactions, it is particularly difficult for elderly people to deal with money, and they are often subject to financial abuse. With their cognitive abilities declining, people with dementia often become the target of fraud or they unknowingly build up debts. This creates a tough situation for the vulnerable persons and their families, who need to turn to solicitors specialising in dementia for help.

Today, there are over 850,000 people living with dementia in the UK (Alzheimer’s Society). As they are likely to face the costs of long-term care, it is especially important to support them in financial planning and protect them from financial abuse.

Court of Protection

People with dementia may lose control over their finances and build up debts. Coupled with losing the ability to make sound judgements, these might become difficult to pay off. It’s important to know that if your loved one no longer has the capacity to make a lasting power of attorney, you as a relative cannot access their money, not even to settle their debts. This is especially worrying considering that debt in retirement has jumped 80% from 2016 in the UK.

In order to have a say regarding long-term decisions about money and property, you’ll need to apply to the Court of Protection to become their deputy. If the court decides that you are suitable to act in the person’s best interest, you’ll be authorised to make decisions on their behalf and you’ll be able to pay their bills and keep an eye on their overall finances.

Romain Coleman solicitors for the elderly

As solicitors specialising in dementia, Romain Coleman has the expertise to help you understand the Court of Protection application and the process of appointing a deputy. We also offer one-to-one, dedicated support to co-ordinate all aspects of long term dementia care requirements.

As part of our elderly care service, we will sit with you to discuss the range of advice we can offer you, including information on:

  • Court of Protection
  • Advance Decisions
  • Lasting Power of Attorney
  • Statutory Wills

Call us today on 0800 056 0346 to get started.