Planning Ahead for Dementia:
What should I prepare for?
Organising Financial and Legal Affairs
Planning ahead for dementia is crucial for ensuring that your financial and legal affairs are in order, and that your wishes are respected as your condition progresses. While it can be difficult to think about the future in this way, taking proactive steps can provide peace of mind for you and your loved ones. This guide will outline essential steps to organise financial and legal affairs, and highlight key people and organisations in Australia that can help.
Understanding Dementia
Dementia is an umbrella term for a range of conditions that affect cognitive functioning, including memory, thinking, and social abilities. Alzheimer’s disease is the most common form of dementia. While there is currently no cure for dementia, early planning can help manage its impact on your life.
Organising Financial Affairs
Inventory of Assets and Liabilities:
List all assets: Include bank accounts, investments, properties, superannuation, and valuable personal items.
List all liabilities: Include mortgages, loans, credit card debts, and other financial obligations.
Bank Accounts and Finances:
Joint Accounts: Consider setting up joint bank accounts with a trusted family member to ensure continuous access to funds.
Automatic Payments: Set up automatic bill payments to avoid missed payments.
Superannuation and Pensions:
Review Superannuation: Ensure your superannuation nominations are up to date.
Centrelink Pensions: Contact Centrelink to understand your entitlements and ensure your benefits continue without interruption.
Insurance:
Health Insurance: Review your health insurance coverage.
Life Insurance: Check your life insurance policy and ensure the beneficiaries are correctly listed.
Budgeting and Planning:
Monthly Budget: Create a budget to manage day-to-day expenses.
Long-term Financial Plan: Develop a plan for long-term care costs, potentially including the sale of assets if necessary.
Legal Affairs
Wills and Estates:
Update Your Will: Ensure your will is current and reflects your wishes.
Executor: Appoint a reliable executor who will manage your estate as per your will.
Power of Attorney:
Enduring Power of Attorney (Financial): Appoint someone you trust to manage your financial affairs if you become unable to do so.
Enduring Power of Attorney (Medical): Appoint someone to make medical decisions on your behalf.
Advance Care Directives:
Medical Treatment Preferences: Document your wishes regarding medical treatments and interventions.
Living Will: Consider creating a living will that outlines your preferences for end-of-life care.
Guardianship:
Appoint a Guardian: If necessary, appoint a guardian to make personal and lifestyle decisions for you.
Key People and Organisations That Can Help
Legal Professionals:
Solicitors: Consult a solicitor who specialises in elder law to help draft and review legal documents.
Public Trustee: The Public Trustee in your state can assist with wills, powers of attorney, and financial management.
Financial Advisors:
Certified Financial Planners: Seek advice from a certified financial planner to manage your finances and plan for future care costs.
Centrelink Financial Information Service: Offers free financial information and support.
Healthcare Professionals:
General Practitioners (GPs): Your GP can provide medical advice and referrals to specialists.
Dementia Australia: Offers support services, resources, and counselling for those living with dementia and their carers.
Government and Non-Profit Organisations:
My Aged Care: The Australian Government’s My Aged Care service provides information on aged care services and support.
NDIS: For those under 65, the National Disability Insurance Scheme (NDIS) provides support and services.
Alzheimer’s Australia: Provides resources, support groups, and information about dementia.
Community and Support Groups:
Local Dementia Support Groups: Join local support groups for emotional support and shared experiences.
Carers Australia: Offers support and resources for carers.
Home Care Services:
Bannister In Home Care: Provides personal care, domestic assistance, social companionship, transport, meal preparation, and respite for seniors and older adults with disabilities.
Practical Steps for Implementation
Discuss with Family:
Open Communication: Have open discussions with family members about your plans and wishes.
Involve Key People: Ensure that those who will be responsible for your care and affairs are involved in the planning process.
Document Everything:
Keep Records: Maintain copies of all important documents in a safe place.
Share Information: Ensure that your appointed power of attorney, executor, and family members know where to find important documents.
Regular Reviews:
Annual Reviews: Review your financial and legal plans annually or whenever there is a significant change in your circumstances.
Update as Needed: Make necessary updates to your documents and plans to reflect any changes.
Seek Professional Help:
Legal and Financial Advice: Don’t hesitate to seek professional advice to ensure that all aspects of your plan are legally sound and financially viable.
Health Assessments: Regular health assessments can help in early detection and management of dementia.
Conclusion
Planning ahead for dementia involves organising your financial and legal affairs to ensure that your wishes are respected and that you and your loved ones are well-supported. By taking proactive steps and seeking the help of professionals and support organisations, you can navigate the challenges of dementia with greater ease and peace of mind. For further assistance and support, consider reaching out to Bannister In Home Care and other resources mentioned in this guide.