Financial decisions through every stage of dementia

When dementia enters a family’s life, financial planning can feel like another difficult task. Yet it is one of the most practical ways to protect independence, choice and dignity. The principle is simple: make important decisions early, while wishes can be clearly expressed, rather than waiting for a crisis to make the choices for you.

That matters because everyday responsibilities, paying bills, managing expenses, monitoring cash flow and making larger financial decisions, may become more challenging over time. Without a plan, families can be forced to act under pressure, with less certainty about what the person would have wanted. With a plan, future decisions can be guided by documented preferences, trusted relationships and clear principles

Put trusted decision-making in place

An enduring power of attorney is central to this preparation. While a person has decision-making capacity, they can appoint someone they trust to manage financial and legal affairs if they are unable to do so in the future. The process is also an opportunity to document wishes, agree on decision-making principles and organise important financial information. It should sit within a broader estate plan, alongside a current will, and be reviewed whenever personal, family or financial circumstances change.

Connect the plan to the person's values

Good planning is not only about protecting assets. It is also about preserving purpose. Where charitable giving is important, our Estate Planning team can discuss whether a charitable trust may be suitable and connect clients with our Philanthropy team. Together, our specialists can help develop a long-term giving strategy, establish and administer a charitable trust, and direct support to the causes that matter most. With the right structures in place, a client’s values can continue to create positive community impact well into the future.

Plan for practical support not only legal documents

An estate plan creates the foundation for support, but it must also work in everyday life. Where Equity Trustees is appointed under an enduring power of attorney, or as a financial administrator by the relevant tribunal, our Health and Personal Injury (HPI) team can provide ongoing financial management aligned with the client’s wishes and best interests. This may include paying bills, arranging funds for living expenses, monitoring cash flow, maintaining records and responding to unexpected costs. For more complex decisions, the team considers the client’s individual circumstances before acting prudently and in their best interests.

It can begin with a simple conversation

Talk with the people close to you about who you would trust to make decisions, how you would like your finances managed, the causes you care about and the legacy you hope to leave. Writing down your wishes, bringing important financial information together and reviewing your plans as life changes can make things easier for everyone. Our Estate Planning team can guide you through options such as enduring powers of attorney and charitable trusts, and connect you with our Philanthropy and Health and Personal Injury specialists where appropriate.

Planning early, with the right people beside you, can bring greater peace of mind and help ensure your finances and personal priorities are handled with care.

Support

The Wicking Dementia Research and Education Centre, is at the forefront of research and support for issues confronting people with dementia and their carers. Funded by The JO & JR Wicking Trust, (managed by Equity Trustees), with significant contributions by University of Tasmania. They provide free online dementia education courses.

The courses provide self-paced, on-demand, with 24/7 access to help build a better understanding of dementia and provide practical knowledge to support people living with the condition.

Visit The Wicking Dementia Research and Education Centre to enrol

Find out more about Equity Trustees Estate Planning , Health and Personal Injury and Philanthropy services.