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 Managing the person's financial affairs |
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| Pam S |
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  Joined: Mon Jan 22 2007, 05:23AM Posts: 25 |
If you lose mental capacity because of dementia, you will need someone else to manage your legal, financial and health affairs. It is important to take appropriate steps as soon as a diagnosis has been confirmed, to plan for the future. There are a number of ways of making sure that your financial affairs can be managed by someone you trust, including: Benefits appointee. A carer can be named as the person's appointee so that he/she can legally handle their income from benefits. Contact the Department for Work and Pensions, who will arrange for an officer to come and visit. Enduring power of attorney (EPA) / Lasting power of attorney (LPA): currently you can make an 'enduring power of attorney', which means a person of your choosing will be able to manage your finances for you. From mid-2007, you will be able to make a 'lasting power of attorney'; this will enable you to choose a person to make decisions regarding your health and welfare, as well as your finances. Receivership. if you have not made and EPA (or LPA) and you become mentally incapable of managing your financial affairs, it may be necessary to appoint a receiver to manage them. This is done through the court of protection, although if managing your financial affairs consists simply of managing your income from benefits, it may be done by appointeeship. [ Edited Wed Mar 21 2007, 07:51AM ] |
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| Dave F |
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 Joined: Mon Apr 02 2007, 11:08AM Posts: 5 |
I have some personal experience in this area. Both as an Independant Financial Adviser, as a carer for my mother (who is now in permanent Residential Care) and from my wife who is qualified in Social Care but who retired with ill health 6 years ago Everyone should be encouraged to make an Enduring Power of Attorney and not wait untill illness (or an acident) strikes by which time it could be too late If someone is already displaying signs of 'forgetfullness' or mild short term memory failure it is not to late to have them sign an EPA Legally, as long as the person is capable of understanding what they are signing and it is independantly witnessed then you should do it as soon as possible It will save a lot of issues when the illness progresses. It also means that you can appoint someone you know and trust to look after your afairs and not be put in a postion where the Court of Protection makes that decision for you... |
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| Allan |
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Joined: Fri Oct 12 2007, 06:45AM Posts: 1 |
Totally agree with the need for powers of Attorney to be setup as early as possible. In Scotland we have Continuing Power of Attorney and Welfare Power of Attorney. They are registered with the office of The Public Guardian (great title) who have the powers to ensure that the POAs are properly used. Another point on Finance is that I found it quite difficult to find good sources of advice on how to finance long term care. In Scotland we have a contribution from The Scottish Government but there is still a considerable shortfall to be financed either from my mother's assets or through other financial products. I was surprised that our Social Work team only suggested using her assets. After some research I found the NHFA website https://www.hsbcpensions.co.uk/nhfa/pages/index.asp which has a lot of good advice on products like impaired life annuities offered by companies such as AXA Norwich Union, GE Life and Partnership Assurance. The NHFA call centre have been extremely helpful in discussing lots of options about Care. |
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| Dave F |
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Joined: Mon Apr 02 2007, 11:08AM Posts: 5 |
After 6 years in Residential Care my mothers condition has deteriorated somewhat and I managed to get the local Health Authority to carry out a review quoting precedent from 'The Care Charge Avoidance Handbook' by John P Harrison Whilst it does quote a lot of other easily available reference material it does bring it into 1 place I eventually registered the POA with the Court of Protection and armed with that mounted a challenge. As a result, my mother has now been re assessed and granted 'Continuing Care' Basically the health authority now picks up all the bill. Don't think it's not worthwhile challenging an initial assessment. I just proved it is. |
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| Pam S |
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Joined: Mon Jan 22 2007, 05:23AM Posts: 25 |
Thanks for your comments Dave and what a great result for the care your mother needs. We so often hear a lot of negative outcomes that it is great to hear of a success story. Did it take you long to get this sorted out? Pam |
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| Kartar Badsha |
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Joined: Mon Sep 14 2009, 06:14AM Posts: 3 |
I question whether granting of power of attorney denis the person any last aspect of control over his or her future. As it is most consultants and those in authority totally ingnore the "person" and talk with the carers or others. This is singly most distressing. There are a group of people discussing about you BUT NO ONE ASK YOUR VIEWS> PA is fine in cases of extreme dementia Kartar |
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