{"id":524,"date":"2023-02-28T00:00:00","date_gmt":"2023-02-28T00:00:00","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/2023\/02\/28\/why-wealth-planning-matters-managing-the-financial-risks-of-dementia\/"},"modified":"2024-02-12T12:11:49","modified_gmt":"2024-02-12T17:11:49","slug":"why-wealth-planning-matters-managing-the-financial-risks-of-dementia","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/insights\/why-wealth-planning-matters-managing-the-financial-risks-of-dementia","title":{"rendered":"Managing the financial risks of dementia: Why wealth planning matters"},"content":{"rendered":"\n

Dementia can be devastating not only for people diagnosed with it, but also for their caregivers and loved ones. The\u00a0<\/span>World Health Organization<\/a>\u00a0<\/span>describes the brain disorder as a syndrome in which there is deterioration in cognitive function beyond what might be expected from typical aging. It affects memory, thinking, behaviour and emotion and results from a variety of diseases and\/or injuries that affect the brain, including Alzheimer’s disease or a stroke.<\/p>\n\n\n\n

Key questions to take into account<\/h2>\n\n\n\n

Michelle Lau, a wealth planner at RBC Wealth Management in Asia, sees two aspects \u2013 medical and financial \u2013 that need to be managed when a person is experiencing diminished mental capacity as a result of dementia.<\/p>\n\n\n\n

She explains it’s important to ask these two key questions: \u201cWho is going to take care of me and who will be providing that medical care? Secondly, who is going to manage my finances?\u201d<\/p>\n\n\n\n

Lau says it’s imperative to avoid a scenario where one has money in bank accounts without adequate planning in place. \u201cYou may have the funds to afford good medical care but if your loved one doesn’t have access to those funds, they may not be able to get that care for you,\u201d she explains.<\/p>\n\n\n\n

Through wealth planning, individuals can help ensure their loved ones have access to their financial resources if the time comes.<\/p>\n\n\n\n

Wealth planning to protect loved ones<\/h2>\n\n\n\n

Wealth-planning discussions usually focus on what happens during a person’s lifetime and after they’ve passed away. \u201cIn the case of dementia, this is somewhere in between\u00a0<\/span>\u2013 a phase where one may be incapable of taking care of oneself,\u201d explains\u00a0<\/span>Vivian Kiang<\/a>, managing director and head of Wealth Planning and Fiduciary Services at RBC Wealth Management in Asia.<\/p>\n\n\n\n

She highlights the importance of having enough funds in the event that one no longer has the capacity to generate income. \u201cBut having funds set aside isn’t enough because what if you aren’t able to manage those funds anymore?\u201d she says. Kiang explains that the next key step is to set out a way for family members to have access to those funds, which is when wealth planning becomes an integral part of the process.<\/p>\n\n\n\n

Through wealth planning, individuals can determine what sort of structure would best support them if the time comes. It doesn’t need to be complicated and \u201ccan be as easy as sharing a joint account with a younger family member,\u201d Kiang says. Should anything happen, this would give family members the ability to access and use the funds to help support the individual experiencing a decline.<\/p>\n\n\n\n

For larger and more complex funds, a\u00a0<\/span>trust structure<\/a>\u00a0<\/span>may be beneficial in managing assets and providing long-term support.<\/p>\n\n\n\n

Kiang points out that through a trust, an independent corporate trustee will help to manage the funds and if needed, use them for an individual’s medical expenses.<\/p>\n\n\n\n

\u201cThe trustee can also use the funds for the beneficiaries so there is more flexibility in how the funds are managed,\u201d Kiang adds.<\/p>\n\n\n\n

While a trust effectively covers the risk areas from a financial standpoint and can be used as a multi-purpose tool in the wealth-planning toolbox, Lau says that people would still need to consider who would step into the caregiver role.<\/p>\n\n\n\n

Lasting power of attorney versus a trust<\/h2>\n\n\n\n

Another way to ensure decisions about an individual’s finances and personal welfare are made by their loved ones is through a lasting power of attorney.<\/p>\n\n\n\n

This is a document that gives one (or more) person(s) the authority to manage someone’s financial affairs as well as to make decisions in relation to that person’s personal welfare (for example, decisions in relation to medical treatment) if this individual loses their mental capacity. Without a lasting power of attorney in place, there may not be anyone with the legal authority to manage such financial affairs.<\/p>\n\n\n\n

Lau explains that \u201ca lasting power of attorney only becomes effective when a person is mentally incapable and ceases to be effective when a person regains mental capacity.\u201d<\/p>\n\n\n\n

The key difference between a lasting power of attorney and a trust is the scope of the authority to manage the assets. A trustee can only manage the assets within a trust and the role remains in effect even after the trust owner’s death whereas a lasting power of attorney is only effective when a person loses mental capacity.<\/p>\n\n\n\n

\u201cThey are not mutually exclusive. Having a trust doesn’t mean that you don’t need a lasting power of attorney. In all likelihood, you won’t be putting all of your money into the trust,\u201d Lau notes.<\/p>\n\n\n\n

Plan ahead sooner rather than later<\/h2>\n\n\n\n

The complexity of a dementia diagnosis can be eased with proper planning and the support of a financial advisor.<\/p>\n\n\n\n

\u201cThe first step is to always seek professional advice to discuss the situation,\u201d Lau explains, noting that everyone faces different and circumstance-specific situations. Sharing information honestly and openly with an advisor will help the planning process.<\/p>\n\n\n\n

Kiang adds that documenting one’s assets and liabilities can go a long way. \u201cList all your assets and the locations of your properties and update the list from time to time,\u201d she says, explaining that this list provides an organized way for family members to know where an individual’s assets are in the event of cognitive decline.<\/p>\n\n\n\n

Individuals should also structure their wealth plan early on. \u201cIt’s always dangerous to be reactive,\u201d Lau says. She points out that it’s better to have plans in place when one is mentally capable.<\/p>\n\n\n\n

\u201cThese plans can be withdrawn and refreshed [at] any time, and names can be replaced, so it’s not something that is set in stone. But it is always good practice to have plans in place,\u201d Lau explains.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dementia is one of the leading causes of disability and dependency among older people globally. 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