dementia/Dementia and managing money People living with dementia may have always managed their own or their familys finances. But at some point they may need extra support to help them. Lasting power of attorney (LPA) If youre living with dementia and can still make your own decisions (have mental capacity), its a good idea to set up an LPA for your financial and property affairs. Choose someone you trust to act as your attorney. This means they can act on your behalf, and in your best interests, when you can no longer make decisions. Once registered, the LPA can be used with your permission, even if youre still able to deal with many aspects of your finances yourself. Or it can be held in readiness for when you can no longer make decisions. Read more about a lasting power of attorney. Tips for making money easier to manage There are steps you can take now to manage your financial affairs more easily:
Read more tips from the Money Advice Service. If youre a carer or friend of someone with dementia, find out how to help someone informally with day-to-day money. Joint accountsIf you already have or are considering setting up a joint bank or building society account, remember that:
Its sensible to set up or keep a separate personal account for money that isnt used for essential bills. There are a range of benefits that you and your carer, if you have one, may be entitled to. Some may be means-tested (whether you get them will depend on your financial situation). Others may depend on your National Insurance contributions or your health and care needs. If you havent done so already, its a good idea to get a needs assessment from social services. This is free and can identify anything you may need help with. It may also show that you qualify for benefits, such as Attendance Allowance. A carer can also apply to social services for a carers assessment, which can show if theyre eligible for support from their local council, including benefits such as Carers Allowance. Benefits for people with dementiaYou may have extra expenses, such as paying for help at home, so its important to make sure youre receiving all the benefits youre entitled to. These include:
If you get Attendance Allowance, you may also be entitled to other benefits, such as: Find out more about benefits for over-65s Benefits for carersAs a carer, you may be entitled to one or more benefits to help you with the cost of caring, such as:
Find out more about benefits for carers Claiming benefits on behalf of someone elseIf you look after someone who cant manage their money because they have lost mental capacity, you can apply for the right to claim their benefits. Check what benefits you can getUse the entitledto benefits calculator Getting financial advice for future care costsYour local council has a duty to help you get independent financial advice so you can plan and prepare for future care costs. This covers a range of services, from general sources of information and advice, such as websites or telephone helplines, to tailored advice relating to specific financial products that can only be provided by a regulated financial adviser. Some of these services may charge a fee. Read Age UKs information on planning for future care costs. Get help and advice Get expert benefits advice, plus help filling in claim forms:
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