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Dementia and managing money

People with dementia need to organise their financial and legal affairs while they are able to make decisions.

It's a good idea to get professional advice about wills, pensions, how to manage any financial assets you have, and how to ensure any partner or children are protected and financially secure.

If you have dementia, you may want to consider appointing a trusted person to manage your money in case you are no longer able to do so yourself. This is called Lasting Power of Attorney, and can also enable the nominated person to make decisions about health and welfare matters on your behalf.

If you are looking after someone with dementia, you may find yourself helping them manage their daily finances and paying their bills. This may be dependent on the person's disability or mental capacity, and should be discussed with them in advance.

Benefits for people with dementia

If you care for someone with dementia, check you are both getting all the benefits and tax credits you are entitled to. For example, you may be able to claim Personal Independence Payment or Attendance Allowance for the person with dementia, and Carer's Allowance for the carer. You or the person you look after may be entitled to a discount on your council tax.

To find out more, read the Money Advice Service's information on managing money when someone is in ill health.

You can get advice and help about claiming benefits from your local social security office, voluntary organisations and support groups.

Dealing with bank accounts for someone with dementia

If you have Power of Attorney or have been made an appointee or deputy, you may be able to manage someone's banking activities. For this to happen, you need to have had your power of attorney registered to be recognised as a person's appointee or deputy.

The bank or building society will require proof of your legal standing on managing someone's finances before they allow you access. They will also need to see proof of the name and address of the person you are caring for.

Restrictions may be in place regarding how you are able to manage the account. For example, if someone has been made an appointee, they can only deal with money from the Department for Work and Pensions (DWP).

You can also apply for a third party mandate to deal with a bank, building society or other financial account on someone's behalf. This allows you to deal with someone else's banking for them in branch if they cannot attend the bank themselves. Contact the account holder's bank for more information about setting up a third party mandate.

Read more about informal help to manage your money from the Money Advice Service.

Article provided by NHS Choices

See original on NHS Choices