A recent study partly conducted by King’s College London, has concluded that Alzheimer’s disease is more widespread among over-85s than previously thought.
The NHS confirms that Alzheimer’s is the most common cause of dementia in the UK and is most prevalent in those aged 65 and above.
If you are approaching this age or have elderly parents, now might be the time to have some difficult conversations about the risks of an Alzheimer’s diagnosis.
Here are some important questions to ask yourself and your parents, plus a look at how financial advice can help you take the next steps.
Research suggests a higher prevalence of Alzheimer’s among the over-80s than previously thought
Researchers at King’s College London, University of Gothenburg, and Stavanger University Hospital conducted simple blood tests on nearly 11,500 samples from participants over the age of 57.
They looked for proteins in the blood linked to the death of nerve cells, or Alzheimer’s disease neuropathological changes (ADNC). They discovered that the frequency of these protein deposits was lower in younger groups than previously thought (fewer than 8% for 65-69s) but higher than expected for over-90s (65%).
The data suggests that around 11% of over-70s would meet the criteria for drugs that can slow the disease in its early stages.
5 important questions to ask yourself and your ageing parents now
1. Have you thought about your future health and wealth?
Money can often be a taboo subject within families, especially among older generations. But open and frank communication is the best way to protect all parties and provide important peace of mind.
Broach the topic sensitively while also stressing the importance of addressing these issues now. A will must be written while in sound mind, and you must have the mental capacity to put a Lasting Power of Attorney (LPA) in place.
These are legal documents and requirements, and accidents and illness can occur at any time, regardless of age.
Having these discussions now – with your parents, but your partner and children too – can help to ensure all parties’ concerns and needs are addressed, helping those involved to feel respected and listened to.
2. Do you have a life folder?
Similar to an “In Case of Emergency” document, a life folder is a place to store everything that someone would need to look after your affairs if you lost capacity or died.
It might include bank account and insurance details, as well as contact numbers for important professionals like family solicitors and financial advisers.
You might keep important documents here, too, such as a birth certificate, passport, LPA, or will (more on these two later). Or at least include details of where these documents can be found.
Encouraging your elderly parents to put together a life folder (and ensuring you have one yourself) could help to relieve the stress for loved ones if the worst should happen.
3. Do you have a Lasting Power of Attorney?
A Lasting Power of Attorney (LPA) is a legal document that allows you to nominate trusted individuals to make important decisions about your care or finances if you are no longer able to.
There are two types of LPA:
- Health and Welfare LPAs allow your attorney to make decisions about healthcare, including daily routines, medical care, and moving into a care home.
- Property and financial affairs LPAs give your attorney the power to make decisions about your bank account, bills, or other financial matters, like selling your home.
Different people can be chosen for each, and stipulations can be added to state exactly who can do what and the limits of their powers.
As they cover distinct aspects of your life, having both types could provide valuable peace of mind.
Speak to your parents about who they’d like to manage their affairs and help them to think about the LPA they would like. If you leave this too late and your parents lose capacity to name their own attorneys, an LPA can’t be put in place. A more costly appointment of a deputy, via the Court of Protection, will be required.
4. What about an up-to-date will?
A will ensures your wishes are known, so be sure to ask your parents whether they have one and if it is up to date. Consider your own will too.
Discussing the contents of a will with interested parties can provide a good opportunity to discuss the reasoning behind the decision you make. In turn, this could help to mitigate the likelihood of disputes.
At Globe IFA, we can help here through our professional relationship with Penrose Wills.
5. Do you have money set aside for care costs?
As life expectancies rise, so does the potential for longer retirement and longer time spent in ill health. This is why factoring potential later-life care costs into your plan from the outset could be so important.
We can help to ensure your own plan includes this contingency, but what about your parents’ finances?
If they don’t have money set aside for care, you may need to help them organise this or think about how you might foot the bill yourself.
Begin by asking about the type of care your parents may or may not be happy with and assess potential costs from there. Where there are insufficient funds, we can help you to revisit your plan and look to make necessary changes without jeopardising your own financial future.
Get in touch
Please email hello@globeifa.co.uk or call us on 020 8891 0711 to discuss how Globe IFA’s expert financial advisors can help you manage difficult financial conversations with loved ones and the important documents to put in place now.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
The Financial Conduct Authority does not regulate estate planning, cashflow planning, tax planning, Lasting Powers of Attorney, or will writing.
