Managing Money with Dementia – The Importance of Powers of Attorney

Dementia is a disease on the increase, and new medical publications indicate that dementia is often onset some considerable time before the physical effects are shown.

It is important that where dementia is suspected, that a lasting power of attorney should be entered into.

There are two types of Lasting Powers of Attorney. One is for Property and Financial Affairs, and one is for Health and Welfare.

As their name suggests, one is for the financial affairs and one commonly referred to as the ‘Care’ power of attorney, you do not have to have both, but our recommendation is that you should do so.

Increasingly care homes and hospitals are not prepared to accept instructions in respect of a person’s health, in particular operations, unless there is a power of attorney in place for somebody, particularly if they are suffering from a disease such as dementia.

Where we are involved with Powers of Attorney, we will come to you for instructions, and possible execution of the document, and we will explain this in detail.

There are many publications in respect of dementia, but by kind permission of the Alzheimer’s Society and HSBC bank, we produce a copy of the small booklet ‘Managing Money with Dementia’ which is a very good source for information.