MONEY is a tough topic when living with dementia. Protecting, organizing and talking about it is critical for people with dementia, as well as their families and caregivers.
Learn 10 money management tips for people living with a dementia such as Alzheimer’s.
Top tips for a person with dementia
1. Discuss money management with your family. Money can be a difficult subject to talk about but it’s important you plan how you want your finances to be managed if you became unable to look after it yourself.
2. Make sure that all important papers are in order and that you know where to find them. These might include bank statements, mortgage documents, insurance policies, a will, tax and pension details and bills or guarantees.
3. If you have financial assets, such as property or savings, you can set up a trust. This ensures that the assets are managed in a way that you choose, both now and in the future. There are a number of different kinds of trusts and ways of arranging them.
4. Set up a lasting power of attorney (LPA). This enables you to choose someone you trust to make decisions on your behalf about things such as paying bills and collecting income when you no longer want to make those decisions. It’s important you set up an LPA early so that you can give your full and informed consent.
5. Speak to the local bank manager. The discussion can look at extra support that may be available as your condition progresses and ways of managing money e.g. using a signature card instead of a PIN number.
Top tips for caregivers managing the money of a person with dementia
1. Make sure your loved one is receiving all the benefits to which they are entitled. Contact your local government office or Alzheimer’s & dementia not-for-profit to find out exactly what should be being received. As a carer, you may also be entitled to benefits such as Carer’s allowance.
2. For some, a joint account may be a useful way of managing finances in the early stages of dementia. However, most joint bank accounts are set up to operate only when both parties have capacity to use it. If a bank knows that someone is acting as a lasting power of attorney, they will usually want a separate bank account for that person.
3. Separating your account when it comes to paying for care it is also advisable. This is because a local authority ought to be means testing the person who is in receipt of the service (e.g. home care or residential care), and no one else.
4. Protect your loved one’s finances by stopping junk mail and unwanted telephone calls by signing up to your region’s mailing and telephone preference services. Put a ‘no cold callers’ sign on the door. These can be obtained from the local trading standards department and will help prevent door-to-door salesmen from visiting.
5. Speak to your local Alzheimer’s & dementia support organization about attending financial workshops. It is important to get educated on how to deal with everyday life with dementia and how to plan for the future, including advice related to money management and finances.
PRNewswire for Lloyds TSB