This content is for information and inspiration purposes only. It should not be taken as financial or investment advice. To receive personalised, regulated financial advice regarding your affairs please consult us here at WMM (financial planning in Oxford).
The World Health Organisation (WHO) estimate that in September 2020 around 55 million people worldwide were living with dementia, and Alzheimer’s Research UK project that cases will have risen to 152 million by 2050, a rise of some 276%.
Despite those levels, receiving a diagnosis of dementia can still be a lonely and scary experience for so many. For some, receiving a diagnosis can be a relief, in that it explains the changes to their memory and behaviour. A diagnosis is also the first important step to getting any additional support that is needed, for the person with dementia, but also for their family.
Where to get support
Your doctor will offer you information about charities who can offer additional support for both you and your family. These might include the Alzheimer’s Society, Dementia UK, Dementia Support, as well as some more local support groups.
These groups can give you advice and information about the types and stages of dementia, and an idea of what you and your family could expect in the months and years to come.
These charities also offer advice about financial support that might be available to you. But what about your existing financial arrangements?
Letting your financial planner know and how we can help
By letting your financial planner know as early as you can, they can help to make dealing with your existing financial arrangements as easy as possible for you.
If you already have a Power of Attorney set up, it’s useful to let your financial planner have a copy, and introduce them to your Attorneys. If you don’t already have a Power of Attorney set up, you should consider this as a priority.
Your financial planner is likely to suggest keeping meetings shorter if necessary, to accommodate shorter attention periods and increased tiredness levels. They will perhaps suggest inviting a trusted family member or friend to meetings, to help take notes and later recall the conversations for you. Your planner can also adjust their report writing style to suit your changing needs, and even copy correspondence to your trusted person at your request.
Preparing your portfolio for the longer term
You may wish to review your investment portfolio with a view to providing for long term care costs. There are certain financial products that are designed to be more tax efficient for such needs, and these may now be more relevant to you.
Your longer term objectives might now change too. By having a frank discussion with your financial planner about your wishes and how you want your affairs to be dealt with, such as specific investment preferences, your financial planner can work with your Attorneys later on to ensure your needs are best met, but also that your voice is still heard and your preferences are still acknowledged in any recommendations.
Interested in finding out how we can support you, a family member or a close friend? Get in touch today to arrange a free, no-commitment consultation with a member of our team here at WMM.
You can call us on 01869 331469.