In the UK today, one in six people over the age of 80 has dementia. Overall, there are 850,000 people with a formal dementia diagnosis and this figure is predicted to rise to more than 2 million by 2050*.
The financial implications of dementia are huge – for individuals, families and society. These financial implications span everything from funding specialist care to safeguarding the assets and wishes of those with dementia to handling day-to-day money.
Whether you are caring for someone with dementia or putting plans in place in case you or a loved one may one day suffer from dementia, this page has practical information. And if you need help – either immediately or with planning ahead – we can show you how Tilney’s specialists in later life planning can help.
Struggling to manage money is often one of the first clear signs of dementia. It can leave those with dementia vulnerable and creates significant challenges for families. There are a number of legal documents and processes that can help safeguard both the money and wishes of those with dementia.
Of course, it is much easier to cope with the challenges of managing money with dementia if you have plans in place in advance. This is why we always encourage people to think about and plan for the future, however tricky it is to think ahead to difficult times.
Our specialists can help you with the financial implications of dementia
A Lasting Power of Attorney is an important legal document giving someone permission to manage your money if you can’t or don’t want to. If you have an accident or develop an illness – such as dementia – and don’t have one, it’s difficult for those around you to deal with your finances.Find out more
A Will is a legal document that tells people what you want to happen to your money and possessions after you die. Alongside a Lasting Power of Attorney, a Will can play an important part in making sure your wishes are carried out if you get dementia.
If you don’t have a Will and are diagnosed with dementia, you may still be able to make one as long as you can understand and make decisions about your Will.
Thinking and talking about the prospect of dementia is difficult but at Tilney we encourage everyone to have these difficult conversations. In this video award-winning financial planner Eliana Sydes explains why we need to start talking about the events that disrupt our lives and the important role a financial planner can play during times of disruption.
According to the Alzheimer’s Society, it costs £100,000 on average to pay for someone with dementia’s care. Under the current system, unless you have less than £23,250 in assets, you would generally be expected to cover the cost of your own care. We can help you to understand the different options and find out which would be the most appropriate.Find out more
Tilney is supporting the Bournemouth Symphony Orchestra’s (BSO) award-winning work with people living with dementia through a corporate partnership programme. The BSO has embedded dementia-friendly work into the heart of its practice over the past few years and was awarded Dementia Friendly Organisation of the Year by the Alzheimer’s Society in November 2017.
At Tilney our financial planners help our clients and their families through periods of disruption, as well as the good times. Our partnership with the Bournemouth Symphony Orchestra is supporting their work enhancing the lives of the most vulnerable in society, including those living with dementia.
Mark Wilkins, Managing Partner for Financial Planning in the South West
At Tilney we have financial planners who are specialists in helping people during later life. They hold the Later Life Adviser Accreditation and follow a strict code of conduct from the Society of Later Life Advisers. Their qualifications are independently audited by the Financial & Legal Skills partnership, a Government body.
Our telephone teams and those working behind the scenes at Tilney have also had dementia awareness training so you will be in safe hands.
Whether you need immediate and urgent help, are looking at different options or planning ahead for the future, we can help you. Please call us on 020 7189 2400 or book a no-obligation consultation.
Lasting Power of Attorney and Wills are not regulated by the Financial Conduct Authority.
*Source: Alzheimer’s Society.