Dementia is a growing concern in the United Kingdom, affecting not only the individuals diagnosed but also their loved ones. According to the Alzheimer’s Society, there are currently around 850,000 people living with dementia in the UK, with that number expected to rise to over one million by 2025. In this blog, SLS Wills and More explains what you need to know about dementia and estate planning, focusing on Lasting Powers of Attorney (LPA) and how these crucial documents are affected by mental capacity.
Types of Dementia:
Dementia is not a single disease but an umbrella term for a range of cognitive impairments. The most common form is Alzheimer’s disease, which accounts for around two-thirds of all dementia cases. Other types include vascular dementia, frontotemporal dementia, and dementia with Lewy bodies. Each type has its unique characteristics and progression, making it essential to understand the specific challenges they pose when it comes to estate planning.
What is Mental Capacity:
Mental capacity refers to an individual’s ability to make decisions for themselves. In the context of estate planning, it is crucial that individuals have the mental capacity to make informed choices about their finances, property, and personal welfare. Where this mental capacity is lacking you’re unable to make documents like a Will or Lasting Power of Attorney. It’s therefore essential to get peace of mind knowing these documents are in place whilst we still have the requisite capacity. When dementia or other cognitive disorders impair mental capacity, it becomes necessary to plan to ensure that your wishes are still respected.
Why Make an LPA:
Lasting Powers of Attorney (LPA) are powerful legal documents that allow you to appoint trusted individuals, known as attorneys, to make decisions on your behalf should you become unable to do so yourself due to diminished mental capacity. LPAs come in two main forms: Property and Financial Affairs LPA and Health and Welfare LPA. By establishing these documents while you are still mentally capable, you can have peace of mind knowing that your affairs will be managed according to your preferences in the event of dementia or any other incapacitating condition.
You pick your attorneys so choose people who you trust. Your attorneys have a responsibility to make decisions in your best interest so any thought of them frivolously spending all of your money can be forgotten. People have been prosecuted for such an act. Lots of people choose children or their partner to act as their attorney. If in doubt, speak to Sara or the team at SLS Wills and More about the appointment of attorneys.
Who is Affected by Dementia:
Dementia does not just impact the individuals diagnosed; it also takes a toll on their families and friends. The emotional and financial burden can be significant, and proper estate planning can help alleviate some of the stress associated with dementia. It is crucial for family members to be aware of the importance of LPAs and to discuss them proactively with their loved ones.
Where to Get Support:
If you or someone you know has received a dementia diagnosis, it’s essential to seek support and guidance. In the UK, organizations like the Alzheimer’s Society, Dementia UK, and Age UK offer a wealth of resources, information, and support services for individuals living with dementia and their families. Additionally, speaking to legal experts like Sara and the team at SLS Wills and More can provide invaluable advice on estate planning, LPAs, and ensuring your wishes are protected.
Dementia is a growing concern in the UK, affecting a significant number of individuals and their families. Estate planning, especially Lasting Powers of Attorney, plays a vital role in ensuring that your wishes are respected even when faced with diminished mental capacity. If you or someone you know is dealing with dementia, it’s crucial to seek support and professional guidance to navigate the complexities of estate planning. At SLS Wills and More, we are here to help you make informed decisions and secure your future. Don’t hesitate to reach out to Sara and our dedicated team for assistance in safeguarding your estate and ensuring peace of mind during challenging times.
