A dementia diagnosis can feel overwhelming, emotionally and practically. If you’re living with Alzheimer’s or dementia, spending some time on financial and estate planning can help give you peace of mind, and improve your financial security. And it needn’t be complicated.
Here are 7 practical steps you can take to help you get your finances organised:
It’s a good idea to get all your paperwork – like bank statements, retirement accounts, insurance policies, property deeds and wills – together in one place. The National Institute on Aging has a checklist of important documents, including financial papers.
Creating a power of attorney will enable a family member or trusted friend to make financial and legal decisions on your behalf. Need to know more? Find out about making and registering a lasting power of attorney.
Dementia care isn’t free, and in future you may need to meet all or part of the cost of any care you need. That could be at home, in an assisted living setting, or in a care home. Working out a realistic budget now can help you make a plan for meeting those costs. Age UK has a useful guide to paying for care.
The government offers a range of benefits to help people with dementia, and their carers. Want to know more? The Alzheimer’s Society has a summary of key benefits
5. Update estate planning documents
Make sure your will is up to date, and reflects your current wishes. If you don’t already have one, think about creating a living will. This sets out your wishes in relation to your own medical treatment, and will be lodged with your GP. The NHS has a guide to living wills.
6. Protect yourself against financial risks
Sometimes people with dementia are at risk of making unwise financial decisions. Simple ways of staying in control of your finances include:
✔ Reducing credit card limits
✔ Activating fraud alerts
✔ Setting a limit on how much money can be withdrawn every day
7. Ask an expert
A financial advisor can help you take the necessary steps to protect your financial wellbeing and plan for the future, by providing advice on insurance, investments and any financial support that might be available. Money Saving Expert has a guide to finding the right financial adviser for you.
Planning ahead and talking openly about financial matters can help reduce stress and worry and free up more time for what matters – living your life, and spending time with the people that matter to you. Here are some more sources of useful information about financial planning:
Need more support? Contact us for advice and guidance on living with Alzheimer’s and dementia.