We don’t like talking about it but the chances of our spouse, partner, civil partner or parents losing mental capacity has never been higher.
- Dementia is an umbrella term for a range of progressive conditions that affect the brain (Dementia UK, 2019).
- 1 in 14 people over the age of 65 (7%) and 1 in 6 people over the age of 80 have dementia (17%) (Alzheimer’s Research UK, 2019; Alzheimer’s Society, 2019b).
- Symptoms include memory loss, confusion and problems with speech and understanding (Alzheimer’s Society, 2019).
- Dementia is a terminal condition (Alzheimer’s Society, 2019).
- Alzheimer’s disease is the most common type of dementia (62% of cases) followed by vascular dementia (17%) and mixed dementia (10%) (Alzheimer’s Society, 2019b).
- Dementia is a key cause of disability in later life; a more common cause than cancer, cardiovascular disease and stroke (Alzheimer’s Society, 2019b).
- 850,000 people are estimated to have dementia in the UK. This number is projected to rise to over 1 million by 2025 and 2 million by 2051 (Alzheimer’s Society, 2019b; PHE, 2018b).
- The number of people aged 65+ in England with dementia in 2018 was estimated to be 645,000. Of these, only 68% (436,000) had a dementia diagnosis (PHE, 2018f).
- 225,000 people are projected to develop dementia this year, equating to around one person every 3 minutes (Alzheimer’s Society, 2019b).
- 70% of people in care homes have dementia or severe memory problems (Alzheimer’s Society, 2019b).
- Dementia currently costs UK society £26 billion per year (an average cost of £32,250 per person with dementia); this cost is set to rise as the population ages (Alzheimer’s Society, 2019a).
If you think you or your partner is starting to become more than a little forgetful, or if the “senior moments” are becoming more common, it is really important to consider Lasting Powers of Attorney and Wills with Trusts to protect assets.
If you are concerned about yourself, your partner or perhaps your parents please contact us.
If you would like to meet one of our Consultants and discuss any of the issues raised in this article or any other Estate Planning topic, please telephone 01732 868190 or click here.