Dementia and your finances

Living with dementia means that managing your money may become more complicated. Alzheimer's Society and Alzheimer Scotland can give you information that will help you plan for the future. If you're a Skipton customer, you can also talk to your local branch or Skipton Direct adviser about protecting your finances and your wishes through Will writing, Power of Attorney and other services.

What other help is available?

You can also ask for information and help from your local authority, agencies like Citizens Advice Bureau and your other financial services providers. Below are some examples of how each might be able to support you and your family in the long term.

Please don't hesitate to ask us for help if you're worried about dementia and your finances. We're committed to becoming a dementia friendly organisation and aim to offer compassionate and appropriate customer care to everyone.

If you develop a need for professional care and support at home to help you live well with dementia, you can ask your local authority for a care needs assessment. Anyone looking after someone with dementia is also entitled to an assessment of their needs as a carer, called a carer's assessment. You have a right to these assessments, even if you end up self funding.

If you meet the eligibility criteria in the assessment, a further financial assessment can be carried out. This will establish whether you're entitled to have your care/carer needs met by the local authority free of charge or at a reduced cost. How much you've been allocated is laid out in a care support plan as your 'personal budget'.

If you're living with dementia or are a carer, you might be entitled to certain benefits, including a discount on your council tax bill. There are a number of ways of getting information on the various benefits available and you should choose the approach most suitable for you. For example, you can contact your local Citizens Advice Bureau or speak to a social worker or welfare rights advisor at your local authority.

A Lasting Power of Attorney (LPA) is a legal document allowing you to appoint one or more people to make important decisions for you if there comes a time when you're no longer able to. You can appoint a trusted friend, relative or professional as your attorney. There are two types of LPA. Skipton can help you arrange both.

Property and Financial Affairs LPA

This enables your attorney to manage your property and financial affairs while you still have capacity, as well as when you lack capacity. This includes things like paying bills, collecting any income and benefits, and selling your house. In Scotland, this type of POA is called Continuing Power of Attorney.

Health and Welfare LPA

This allows your attorney to make decisions regarding your personal healthcare and welfare in line with your expressed wishes, when you lack capacity to make them yourself. This includes things like decisions on treatment, care, medication and where you live. In Scotland, this type of POA is called a Welfare Power of Attorney.

How to arrange a POA

You may still be able to arrange a POA if you've already had a diagnosis of dementia. However, you'll need to choose someone to provide a certificate confirming you understand the significance and purpose of it, and possibly a letter from your GP or consultant. Visit our Power of Attorney page to find out more.

We strongly advise all customers who have family and financial responsibilities to make a Will. If you've had a dementia diagnosis but you still have mental capacity, you might still be able to make a WIll.

When there is no Will in place, this is known as being 'intestate'. The law dictates who is entitled to benefit from your estate, which might not be in line with your intentions. For more information, visit our Will Writing page.

If you've used our legacy services for your Will or POA, we can also store your documents safely. A legal document care package ensures secure, confidential and fireproof storage, plus delivery of your documents when they're needed.

We also offer additional legacy services, like funeral planning and estate & trust administration. You can find more information on all these services on our Legacy Planning page.

We're all potentially vulnerable to financial scams and tricks, but this might be especially so if you're living with dementia. For more information see our Fraud awareness and prevention page.

If you've lost money from your Skipton account or are concerned you're being targeted, you can also report the crime to the Police Action Fraud line on 0300 123 2040 or the Financial Conduct Authority (FCA) consumer helpline on 0800 111 6768.

More help, support & information with dementia

Please note that the above links will take you to a third party website as described.Their website terms and conditions and cookie policy may differ from Skipton's so please read them carefully.

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