Managing money for a loved one with dementia
Dementia is one of the toughest things any family can go through. As with any condition of this nature, when a loved one is suffering from dementia it’s important to make sure mechanisms are in place to ensure they’re not being exploited.
We’re going to take a look at ways you can manage money for a loved one with dementia, and five questions everyone in this unfortunate position must be able to answer.
1. Where are they going to live?
While many dementia sufferers can remain in their homes with assistance for years, a time may come where they will have to move to a specialised facility offering a higher level of care. You must be aware how these facilities will be funded and managed.
2. Who will make financial decisions on their behalf?
Banks are used to dealing with these issues so it’s worth contacting the local branch manager about what processes are available. However, it’s also important to figure out who will be responsible for the more complex financial decisions like the sale of property.
3. Has an Enduring Power of Attorney been appointed?
While each state and territory has different benchmarks and guidelines as to what this process actually looks like, it’s important to have an Enduring Power of Attorney appointed to make decisions on the behalf of someone who can no longer do so.
4. Is the Will up to date?
Ensuring there are no legal hiccups should the unthinkable happen is a process that can only be achieved through an updated Will. That being said, a Will is only valid is the person signing is competent to do so, so it’s always worth regularly updating.
5. Do we need to approach a tribunal?
If you haven’t taken the abovementioned measures and your loved one’s financial affairs have deteriorated rapidly, you may have to approach a guardianship board or tribunal that can appoint a guardian or administrator on the person’s behalf.
Have you ever had a loved one with dementia? What advice would you give to someone working tier way through a similar situation?
Let us know in the comments.
Related links:
What you need to know about dementia
16 things I would want, if I get dementia
Abuse in aged care homes shocks families and carers