Welcome to the second video of the Baby Boomer Series - Today we are looking at the subject of dementia.





Not able to watch the video today? Why not read the transcript below instead:


Although dementia is a topic we would all probably prefer not think about or address, unfortunately it is a huge reality of old age

The purpose of this video is simply to give you some information about the financial consequences of dementia. 

If someone close to you, your family, your spouse, is unable to look after their own financial affairs it can create chaos. It may not be possible to access a bank account or do something as simple as renewing a car insurance policy. You cannot make decisions on a person’s behalf unless you have a Power of Attorney.  The point of course is that a Power of Attorney is a legal document which enables whoever you appoint to act on your behalf if you are unable to do so yourself.

My mother is now 90 years old and unfortunately is unable to do anything for herself since suffering a stroke. Luckily, we had arranged and put in place a Power of Attorney many years ago when she was much younger and able to make those kinds of decisions.  It has meant my brother and I have been able to deal with her financial affairs, her house and car, paying her bills – relatively easily.

The emotional impact of dealing with someone close to you who is suffering from dementia is huge. It's a relief not to have to worry about the money side of things. Although my Mother’s situation was slightly different in that she had a stroke rather than suffering dementia, I have been very grateful for that power of attorney.

If you don’t currently have a Power of Attorney, may I suggest that you take a few minutes to please research them. If you’re not really sure where to start or to look, send me an email and I can give you some more information.

Regards,

Nicholas.