Dementia: a cause for concern, both from a financial and health point of view

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Dementia: a cause for concern, both from a financial and health point of view

Lifetime news

Posted on: 22/12/2014

Deaths from dementia have risen by 52% since 1990 and the disease is now the third most common cause of death in the UK, a study has shown.

In 1990 a total of 32,429 deaths from dementia were recorded, but last year the condition accounted for 49,349 deaths, as more Britons live longer than ever before.

The figures led the charity Alzheimer’s Research UK to say that, with age the biggest risk factor for developing dementia and life expectancy set to continue to lengthen worldwide, ‘dementia is increasingly becoming our greatest medical challenge’.

Dr James Pickett, head of research and development at the Alzheimer’s Society, said : “With 225,000 people developing dementia every year – the equivalent to one person every three minutes – the condition is one of the biggest health and social care challenges we face.”

And it is not just health that dementia poses an issue for.

There is also your finances:

  • If you lose mental capacity what happens to your investments?
  • What happens to your bank accounts or joint accounts?
  • How do you pay your bills?
  • Who will make the decisions regarding your health care?
  • Who will make sure that your Financial Plan will be carried out?

Without a Lasting Power of Attorney close friends and family (including your spouse/partner) do not automatically have the right to look after your financial affairs.

If you do are deemed mentally incapable it is bank or building society practice to freeze ALL joint or sole accounts until you have an order from the Court of Protection.

If you need to talk to anyone about Lasting Powers of Attorney then please contact the Lifetime Legal Solutions department on 01226 208600.

Are you ready to start your
financial journey?