This week marks Dementia Action Week raising awareness and encouraging people to ‘act on dementia’. As part of the campaign we are supporting our friends at Dementia Friendly West Berkshire by taking part in a number of fantastic events to help raise awareness. 1 in 3 people born in the UK today will develop dementia in their lifetime so it has never been more important to educate ourselves.
As part of Dementia Action Week, we have put together two articles outlining important estate planning considerations for those with Dementia. This first article focuses on Wills.
Preparing or updating your Will
Following a diagnosis of dementia, it is important to ensure that you have an up to date valid Will in place. Without a Will your estate will be administered following the strict rules of intestacy. Therefore it is outside of your control as to who will or won’t benefit from your estate.
Writing a Will enables you to:
- Appoint appropriate executors
- Appoint trustees
- Make gifts
- Divide your estate between your intended beneficiaries
- Provide for the creation of other types of trust
- Plan for any inheritance tax liability efficiently and effectively
- Protect assets for your loved ones
- Set out your funeral requirements
Can someone who is diagnosed with Dementia make a Will?
It is a common misconception that once a person is diagnosed with dementia, they will not have the capacity to make a Will.
For anyone to be able to make a Will they must have what is known as ‘testamentary capacity’. This essentially means that when an individual prepares their Will, they must be able to understand the following three points:
- the nature of making a Will and the effect it will have
- the extent of their possessions and how these may change over time
- who might expect to be named in the Will and why they are (or are not) being included
As long as a person can understand those three points, they would be deemed to have the capacity to make a Will regardless of whether they have been diagnosed with dementia or not.
What next?
If you have received a dementia diagnosis, it is essential you review or prepare your Will as soon as possible. It is always advisable that this is carried out by a solicitor specialising in Wills and later life planning to ensure you obtain correct and up to date advice, tailored to your own individual circumstances.
Find out more about how our Wills, Probate and Estate Planning team can assist you here.