World Alzheimer’s Day is part of the awareness month and takes place annually on 21st September.
As the UK’s population continues to age, the prevalence of Alzheimer’s disease is on the rise. It is estimated that there are currently over 900,000 people living with dementia in the UK, with Alzheimer’s being the most common form. This number is expected to reach over 1.6 million by 2040.
When a family member or someone close to you receives an Alzheimer’s diagnosis, there are several legal and financial considerations that become critically important to address as early as possible.
One of the most crucial steps is to plan consider estate planning and review planning steps already taken. Often, this is an area that is overlooked or delayed until it is too late.
Why is early estate planning important?
Alzheimer’s is a progressive disease, meaning that cognitive function and decision-making abilities will continue to decline over time. Therefore, it is essential to have affairs in order as early as possible, before capacity deteriorates. Maintaining independence and choice is important. Consideration should be given to finances, healthcare, and end-of-life wishes.
Some of the fundamental reasons why early estate planning is so vital for Alzheimer’s patients include:
1. Ensuring wishes are clearly documented: Communication may become a challenge as the disease progresses. Powers of Attorney enable an individual to name who they want to assist them and make decisions on their behalf, when they are unable to do so themselves, due to mental or physical incapacity.
Attorneys can be appointed to make finance and health decisions and can extend to decisions relating to life sustaining treatment. A Will sets out how an individual wishes for their estate to be dealt with and distributed after their death. Options become limited as mental capacity deteriorates. Seek professional advice at an early stage about what options are available to document your wishes regarding medical treatment, asset distribution, and other important matters, giving you more control over your future.
2. Avoiding family conflict: The suffering of a loved one can put a substantial amount of strain on families, both emotionally and financially. Children may feel under pressure to provide support, but their own circumstances may not allow for them to make an equal contribution to care and support. Early estate planning can help reduce the potential for conflict and confusion by documenting instructions and personal wishes.
3. Protecting your assets: An individual becomes increasingly vulnerable to financial exploitation and abuse. The use of Powers of Attorney, trusts, and other planning mechanisms can provide protection.
4. Easing the responsibility on caregivers: Forming an estate plan early can provide peace of mind for both the individual and their loved ones.
World Alzheimer’s Day – how can I get involved?
There are several ways you can get involved in World Alzheimer’s Day:
- Share graphics to help raise awareness with #WorldAlzheimersDay
- Arrange or participate in a fundraising event
- Volunteer at a local memory walk
- Make a donation
Comment
If a loved one has been diagnosed with Alzheimer’s it is essential to start putting things in place as soon as possible, this could be creating or reviewing a Will, setting up and registering Powers of Attorney, setting up trusts, and making decisions about end-of-life care. An individual with a diagnosis may still be able to put a plan in place however, seeking advice early and taking action, will mean that more options will be available.
How can we help?
Amanda Voakes is a Partner in our expert Wills and Probate team, advising on Inheritance Tax planning, Wills, administration of estates, grants of Probate, grants of Letters of Administration, Powers of Attorney, administration of affairs, and residential care fee planning/protection of assets.
Amanda is an accredited member of The Association of Lifetime Lawyers (formerly known as Solicitors for the Elderly or SFE) which is a membership body for legal professionals. Members of the group are the most qualified lawyers in the country when it comes to supporting older people and those in vulnerable circumstances who may need extra help and support. Lifetime Lawyers receive expert training and best practice guidance to offer the very best advice.
If you require any legal advice on the above subjects, please contact Amanda or another member of the team in Derby, Leicester or Nottingham on 0800 024 1976 or via our online enquiry form.
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