Mc Naught & Co
Legal implications of dementia
The onset of dementia has legal implications for a person affected and can also wreck financial planning for their future.
If you have been diagnosed with dementia or have a family member who is displaying signs of the onset of dementia, now is the time to get your/their affairs in order before it gets to the stage that they are unable to make rational decisions for themselves.
If a power of attorney has been granted by the person with dementia, remember that the power of attorney becomes invalid once the person progresses to a stage where they are unable to comprehend and understand the consequences of their actions and also would be unable to appreciate that the power of attorney can be withdrawn.
There are only really two options available to solve this. If the person’s health has deteriorated too far, the High Court needs to be approached to appoint a Curator to handle the person’s finances and affairs. If action can be taken before it gets this far, then the person should consider creating a Trust and appointing Trustees to manage their assets. The latter is far cheaper if you involve family members but this process and transfering assets to the Trust needs to be taken while the afflicted person is still able to understand and comprehend this action.
Mc Naught and Co can help with either of these processes and we can be contacted on
0870210123 to get the ball rolling and protect your loved ones. Updating a will is also another important step to take and we can also help with this.
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