Older individuals usually tend to take care of their business affairs and financial decisions. Since most older citizens are self-dependent, they live alone managing all their business related and financial matters on their own. However, it is not possible for elderly people to avoid the signs of dementia, which is the most common sign of the aging process. It affects older people irrespective of their gender and color.
Common dementia such as Alzheimer’s affects a certain part of the brain that controls calculation skills, communication, control memory and other essential functions to effectively conduct business and perform financial transactions. Visual and hearing impairment are also common in older people, which makes managing day to day business tasks and transactions more challenging.
Patients suffering from Alzheimer’s and other types of dementia can forget the deadlines of their bills, conduct more than one transaction over a bill, make calculation mistakes, especially when balancing the checkbook, and fail to adhere to written or verbal instructions provided by financial institutions such as banks. They also try to cover up these symptoms in order to hide the disease as well as intellectual impairments. The victims of Alzheimer’s are prey to thieves and unscrupulous businessmen, who try to take full advantage of the intellectual limitation of the elderly people.
Since dementia is usually a progressive disorder, the chances are only to get worse. Demented people who show mild symptoms are able to manage their business and financial decisions but can develop delirium (also known as temporary confusion) from the illness or the medication used for the treatment and can make poor business and financial decisions.
However, such patients still continue to keep the authority to transfer property or money unless otherwise decided by the court. The reason why older people struggle more with financial decision is the fact that unwise financial decisions are difficult to reverse, which can create financial difficulties. Older people are then required to opt for loans and other debt schemes to meet their day to day expenses, which can cause them further financial problems.
Family members are responsible to a certain extent to backup the financial decisions taken by an older relative who is suffering from dementia. If they are not authorized, then they must at least seek clinical evaluation for them. Most of the causes of confusion in older people can be reversed. These patients deserve competent, careful examination to exclude the causes of confusion that are treatable.
The most frequent complications in dementia is psychiatric complications. Patients with behavioral disturbances, hallucinations and delusions should not conduct business dealings and take major financial decisions without assistance. Impulsive, irritable patients or patients with delusions regarding their family may take unfavorable legal and financial decisions that do not reflect their genuine intent.
However, such patients should be completely restricted to making financial or business decisions but should only be required to conduct proper evaluation before taking one. Delirious or depressed patients may suffer reversible disorders that can be treated with temporary protection levied on them through the court. Some older people face exploitation from family members.
In order to determine competency, some patients (in the early stages of dementia) may require a more sophisticated form of structured testing. They should also be judged on the basis of disease progression to determine whether they are in a state to manage business affairs or not. The family is responsible to monitor the older member of their family suffering form this disease on a daily basis to avoid harmful decision made by depressed or delirious patients.
Family members may be required to be patient since patients usually experience fluctuation in their intellectual function, which causes them to become even more confused, especially with new medical treatments and medication. In short, dementia patients must be provided with proper monitoring to avoid any sort of financial blunder.
Despite the intellectual loss, elderly people with dementia must be treated with respect and dignity. Health care providers, friends and family should be humble and sensitive to the concerns and feelings of the Alzheimer’s patients who may no longer be in a state of making sound financial decisions.
If you are a family member or friend and facing the after-effects of any wrong financial decision taken by an older member of your family, find a solution for them today and get relief from debts.
About the Author:
The above article is written by Angelina from Consolidated Credit Group. She loves to write articles and advise people to come out of debt in easier ways.
For information on debt relief by her, please check consolidatedcredit.org/credit-card-debt/debt-relief.