by Martin Oates, Partner, Poole Townsend
Q: I have heard that more people are developing dementia. Is this true?
A: Government figures published in February 2010 show that there are 15% more dementia sufferers than previously thought. If you get to 65, there is now a 1 in 3 chance of you developing dementia.
Q: Is there anything I can do to plan for this?
A: Doctors can tell you how to keep healthy but there are practical things that you can do which will help you and your family in the long run. For example you should make sure that you have an up to date Will that reflects your wishes. You can only make a Will when you have full capacity. If you leave it too late and cannot make a Will, you run the risk of leaving the laws of intestacy to decide how your assets are distributed.
Q: Can I ask my family members to sort out day to day matters if I lose capacity?
A: You can set up a Lasting Power of Attorney (LPA) while you still have capacity. You appoint someone you trust to look after financial or welfare issues on your behalf, such as your partner your children or a close friend. You can choose more than one person as your Attorney and give them written guidance in advance about what they can and cannot do and whether or not they have to act together (if more than one). The LPA has to be registered at the Court of Protection before it can be used which can take up to 12 weeks so it is better to sort this out while you can do so.
Q: Is there anything I can do myself to protect my assets?
A: It is a good idea to review your savings regularly to make sure they are giving you the best return available. By planning early it is also possible to make provision for the future without running the risk of having to sell your home, for example to meet care fees. This is something that needs to be done in good time and if you leave it too late it may not be possible to safeguard your assets.
