Figures have recently been released by the Alzheimer’s Society showing that over 80% of Alzheimer’s sufferers have experienced a deterioration in their symptoms as a result of the lockdown. Although there is, unfortunately, very little families and friends can do to help with the physical impact of the Covid restriction, they can help with the financial ramifications which have arisen.
As loved ones with Alzheimer’s experience an increase in the effects of the illness, they become more susceptible to memory loss and confusion, with the inevitable difficulties this brings in managing their financial affairs. The types of issues which tend to arise are an increase in vulnerability to financial fraud, forgetting that a bill has been paid and repaying it, losing track of cash, cards and chequebooks, leading to an unfounded feeling of being the victim of theft, impulse purchases and disclosure of confidential information such as PIN numbers or bank details, and even giving people bank cards to use without knowing what they are actually been used for.
The best way a concerned family member or friend can help is to ensure that the Alzheimer’s sufferer has in place a valid Lasting Power of Attorney for Financial Affairs. This will allow the attorneys to help them to manage their financial affairs and assume responsibility for them when the sufferer no longer has capacity. The important thing is that this must be a decision made by the sufferer, and made before their ability to understand the process has reduced to such an extent that they can no longer grant the power. All of those involved should fully understand what is being undertaken when an LPA is entered in to and what the limitations and extent of the powers given are.
If you would either like to grant a Power of Attorney yourself or have a relative or friend who has been struggling with any of the issues raised above, and feel they would benefit from some impartial advice, please contact a member of the Private Client Team at AmicusLaw who will be able to give in-depth legal advice. We also offer the creation and registration of the documents at a fixed fee, so the person granting the power knows exactly what it will all cost before they even start the process.
For contact information please visit – https://www.amicuslaw.co.uk/services/wills-probate-and-trusts/