Considering a will or lasting power of attorneys in the event of losing mental capacity “should not be ignored until the last minute”, advice firm One Four Nine Group has warned.
In advance of World Alzheimer's Month, the group pointed out that one in five (20 per cent) people over the age of 80 are affected by Dementia, and that Alzheimer’s disease is the most common cause of Dementia in the UK.
The independent financial advice and investment management firm stated that there are “very real financial difficulties” that can accompany the disease and often cause additional stress to patients and their families.
One Four Nine Group independent financial adviser, Mike Rosevear, commented: “At One Four Nine Group, we recognise the need to plan for the worst whilst hoping for the best.”
He added that a will or LPA arrangement are two “important tools” which can shield family members from the financial issues which often arise when someone loses the capacity to make decisions about their life and finances.
Rosevear additionally stated that, with an increase in Alzheimer’s diagnoses expected over the coming decade, disputes amongst family members will only become “more common”.
“Indeed the legal world is already seeing a growing trend of last-minute wills or LPAs being disputed,” he added.
“Seeking advice and putting in place the necessary protections now - when mental capacity is not in doubt - that make your wishes clear in the event of a diagnosis will help to minimise the impact of this devastating news.”
To this end, One Four Nine Group outlined some “key areas” that should be considered when considering LPAs and wills, such as checking existing legal arrangements.
In this area, the group advised seeking professional legal advice when completing a will or LPAs, rather than to save money and complete them alone.
It also advised deciding on what the LPA agreement will cover as there are two types, “property and financial affairs” and “health and welfare”.
Additionally the group said people should think about who to appoint as an attorney as a minimum of two people is required.
Lastly, the group advised communicating with family as, while those conversations can be difficult, family members should know what your wishes are.
The group also suggested that, if people are not comfortable speaking face to face, they should consider writing the information that they want to share.
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Meanwhile, FTAdviser is pleased to be the generalist adviser trade title supporting the Insurance Day For Dementia, which is happening on November 30.
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