When Bruce Robinson’s brother Pete became ill in his late 50s, his stress over financial matters was one of the first symptoms that led to a diagnosis of Lewy body dementia.
‘He lost his ability to understand numbers very early on,’ says Bruce. ‘He couldn’t use his credit card – he had to have friends who went to the cash machine and took money out for him.’
‘I needed access to his accounts to prevent him from being scammed.’
Despite living in Winchester andPete in Bristol, Bruce was able to help manage his brother’s financial affairs after setting up a lasting power of attorney (LPA) for finance.
This gave him the ability to make decisions on Pete’s behalf but he says it was still very difficult to find what benefits his brother was entitled to and to ensure bills and carers were paid.
Thanks to Bruce and his other three brothers, Pete was able to live at home with help from carers until he died in 2021 at the age of 59.
But Bruce, 66, says that financial management and funding was one of the most stressful parts of his brother’s illness, despite his own background working in private healthcare.
‘This journey of discovery is bloody complicated and for many people it would be almost impossible,’ he says.
As Bruce and his family discovered, an inability to understand finances can be one of the first signs of serious illness, with university studies showing that it can be possible to detect Alzheimer’s from an individual’s banking transactions years before other symptoms appear.
Sudden illness or accident can also rob a family member of their ability to manage bills and spending. That’s why all of us should have plans in place for others to help with our money if we cannot manage it ourselves.
Emily Deane, head of government affairs at Step, a trade body for lawyers and accountants who help families with future planning, says that making decisions in advance can save pain later. ‘Planning ahead means that people can help ensure their wishes are followed and will help reduce the risk of financial abuse,’ she says.
The following steps can help to ensure your finances are in good shape for every eventuality.
Set up an LPA
A lasting power of attorney can be set up at any time, giving others the legal right to make decisions on their behalf.
There are two types of LPA – those for financial decisions and those for decisions around your health – and you do not have to appoint the same person or people to make decisions for you in both areas.
With a health LPA, the attorney can only make decisions for you if you are found to have lost mental capacity, while with finances you can choose whether the attorney can make decisions for you at any time or only if you lack the capacity to make them yourself.
LPAs are important even if you are married, as without them even your spouse does not have the right to make decisions on your behalf. You can set up an LPA on the government website at lastingpowerofattorney.service.gov.uk/home. You don’t need a solicitor to do it, though in some cases you might want to involve one.
Make or check your will
Almost 70% of us do not have an up-to-date will, according to the charity Will Aid.
You can only make a will while you are deemed to have testamentary capacity, which means that you understand what you are doing and are of sound mind. If there is any doubt about this, the will could be challenged, which means it is sensible to make one as early as possible.
Peter de Vena Franks, Will Aid campaign director, describes making a will as a ‘loving act’.
‘We know thinking about death is uncomfortable and considering your final wishes can be daunting,’ he says. ‘But not having a will can lead to confusion and distress among family members and beneficiaries at an already upsetting time.’
During October you can write your will with a solicitor free of charge as part of the Free Wills Month deal if you are over 55. You are encouraged to leave a gift in your will to one of the participating charities but there is no obligation to do this. Find out more at freewillsmonth.org.uk.
Make an accessible file and share its location
Once you have made a will and an LPA, make sure your family know where to find these, as well as other financial information.
Having a financial list with documents and passwords in an accessible place will help your family at the most difficult of points.
Kirsten Pettigrew, chartered financial planner at Rathbones, says that this can provide ‘huge relief for loved ones’.
‘This should include your will and lasting power of attorney as well as evidence of ownership of any investments and insurance policies,’ she says.
‘For your online and digital footprint, make sure to spend some time planning who will manage online accounts and identities after you have died.’
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Dementia’s devastating impact is enormous – it’s the UK’s biggest killer but often the realities of the condition remain hidden behind closed doors. Share your dementia story at alzheimers.org.uk/stories to help Alzheimer’s Society create an unignorable case for urgent action. For information and support, visit alzheimers.org.uk
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