Guide on Preventing Online Financial Transactions for a Family Member Suffering from Dementia
In the journey of caring for someone with dementia, managing their finances can become a crucial yet challenging task. Here are some strategies that can help ensure the person's financial security while maintaining their independence.
Establishing a Power of Attorney (POA)
One of the most effective ways to manage a person's finances is by establishing a durable or springing financial POA. This document, executed while the person still has decision-making capacity, grants a trusted individual (the agent) the authority to handle financial affairs when the person with dementia becomes incapacitated. It's essential to set up the POA before severe cognitive decline occurs to avoid the need for a court-appointed guardian or conservator.
Key Steps and Considerations
- Act Early: Establishing a POA document before dementia progresses severely is crucial.
- Choose a Trusted Agent: The individual with dementia selects a trusted person (family member, friend, or professional) as their agent.
- Determine the Type of POA: A durable or springing POA is ideal, with the latter only taking effect upon certification of incapacity or dementia diagnosis by a healthcare provider.
- State-Specific Requirements: POA laws and forms vary by state, and it's essential to use state-compliant forms and possibly consult an elder law attorney.
- Specify Powers: The document should clearly define the scope of financial powers granted to the agent.
Alternative Measures
For individuals who enjoy managing their finances but need assistance due to dementia, alternative measures can be taken. These include:
- Bank Features: Contacting a person's bank to set up a "hold until deactivate" scenario allows for temporary locking and unlocking of online payments.
- Parental Control Software: Using parental control software can help set up restrictions, such as blocking specific websites or online payment methods.
- Credit Card Management: Removing access to online payments by canceling a person's credit card and not sharing their debit card PIN can help protect them from overspending.
Communication is Key
In all these situations, open and honest communication with the person is crucial. Discussing the risks and the need to take their credit cards, for example, can help them understand the reasons behind these decisions.
The Alzheimer's Association and AARP offer resources and support for caregivers dealing with financial challenges related to dementia. For advanced dementia cases, taking away a person's credit cards may be necessary for their financial security.
In cases where the person lacks capacity and a POA is not in place, obtaining legal authority through a conservatorship or guardianship may be necessary to ensure compliance with the law when restricting someone's online payments without their consent.
[1] Alzheimer's Association [2] AARP [3] National Academy of Elder Law Attorneys [4] Medical News Today [5] AgingCare
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