Dementia & Will Writing: Things to Consider

What is Dementia?

Dementia is a term used to describe a group of symptoms related to cognitive decline. These symptoms can include memory loss, confusion, as well as difficulty with language, problem-solving, decision-making and reasoning. These occur to such an extent that it interferes with a person’s daily life and activities.

Dementia is a progressive condition, which means it will get worse over time. There is currently no cure.

Will Writing & Dementia

When someone is diagnosed with dementia, it’s essential to create or update their Will as soon as possible.

It’s crucial to ensure that the person with dementia understands the implications of their decisions when creating or updating their Will. They should be able to understand the details of their estate plan, including the distribution of their assets and the appointment of an executor.

Their spouse should also consider changing their Will, too. Here is why. 

Protecting Assets From Care Costs

A dementia diagnosis is not a death sentence. The average life expectancy figures for the most common types of dementia, such as Alzheimer’s disease, is around eight to 10 years. Some people with Alzheimer’s live for longer. Sometimes for 15 or even 20 years..

There is also every possibility a person who has been diagnosed with dementia could still outlive their spouse. We just never know what lies ahead, and for that reason it is important to consider all scenarios and plan ahead to protect what is yours. 

A scenario we have (sadly) seen many times, is where married couples own a property together through ‘joint tenancy’. The spouse without the dementia diagnosis sadly passes away first. Often they provide care for their partner, meaning the surviving spouse has care needs and now requires help. Many couples have ‘Simple Wills’, where they leave all assets to one another/the survivor. However, in this scenario, assets can be lost paying for care for the surviving spouse suffering with dementia. The house they owned together is now owned in the sole name of the spouse with dementia merely by survivorship. The house will be considered as a capital asset by the Local Authority as part of a financial assessment. As such, it would most likely have to be sold to fund the care required. By making changes to your Wills when one of you receives a dementia diagnosis, and severing the joint tenancy of the property, you can help protect your assets

MT Legal Services can assist and guide you on Will Writing and Estate Planning surrounding a dementia diagnosis. 

To book your FREE CONSULTATION, please get in touch!

T: 01604 591242

E: mark@mtls.co.uk