World Alzheimer’s Month – The Impact Of Dementia
September is World Alzheimer’s month, a time to reflect and raise awareness to highlight the issues people face living with dementia. Wills and Probate Solicitor Megan Lovell discusses ‘The Impact Of Dementia’ in her latest blog…
What Is Dementia?
Everyone has heard of dementia, but do we actually know what it means? If you go on the Alzheimer’s website, dementia is defined as a group of symptoms which affect memory loss, confusion with needing help with daily tasks, problems with language and understanding and changes in behaviour.
Dementia is one of the biggest reasons people need full time care in the UK.
What About Paying For Care?
When needing full time care, a person is assessed to determine the level of funding required or if that person can self-fund. If a person has assets over £14,250 they will be required to cover or contribute towards the cost of care. This means that a person’s savings or other assets can be diminished over a person’s lifetime.
Naturally people wish to provide for their loved ones after they have died, and there are options open to them in order to protect their wishes.
Should I Give My Home Away?
You may be tempted to gift your property during your lifetime to your loved ones in order to reduce your assets for financial assessment for care. This however, would be deemed by the Local Authority as a deliberate deprivation of assets in order to avoid care fees. The Local Authority could then refuse to pay for your care.
There are also implications if you were to gift the property but remain living there which could mean that your home is at risk, if you gift the home to someone who becomes divorced, bankrupt or dies. It is therefore important to obtain legal advice when considering gifting your house during your lifetime.
What Can I Do To Protect My Assets?
Make sure you review or make a Will. Generally, people consider leaving their whole estate to their surviving spouse or partner. If then the surviving spouse/partner requires care, all assets will be taken into account for the financial assessment.
An alternative option is to make Life Interest Trust Wills. A Life Interest Trust can be used to protect half the value of any jointly owned property should your survivor need to move into care. It is important that you prepare these Wills whilst you both have the capacity to make a Will and whilst you are both alive.
Lasting Power Of Attorneys Are Important
Dementia is progressive which means that symptoms may be relatively mild at first, but overtime become worse. It is therefore important to think ahead.
Being a next of kin does not provide a relative with any legal rights or official responsibilities to make decisions on someone’s care or treatment or in relation to financial decisions. In order to ensure your loved ones can assist you it is important you make a Lasting Power of Attorney (LPA).
An LPA is a legal document which allows you to appoint someone you trust (to become your Attorney) to make decisions on your behalf if you become physically or mentally incapable of making your own decisions. It is possible to make a Lasting Power of Attorney in respect of Property and Finances and Health and Welfare, although the latter can only be used when you lack mental capacity.
An LPA is an important document which protects your future to ensure you get the necessary help when you need it whilst also making the process easier on those supporting you.
How Can Timms Help?
At Timms we are always happy to talk you through your options when you want to make life easier for those close to you. If you require any further information then please do not hesitate to contact me on 01530 564498 or via email at m.lovell@timms-law.com. Alternatively, you can visit the Wills and Probate page of our website here.
September 2022