This article is a good overview, written by a financial advisor. However, note that powers of attorney only deal with non-trust assets and are frequently rejected by institutions so be sure that your trust is funded and adequately plans for incapacity as well as death (including designated incapacity trustees).
The key to financially protecting a client in the age of dementia lies in teamwork.
Financial planning around dementia is a complex matter. The disease’s development can be gradual and subtle, or it can progress drastically and abruptly. The diagnosis and its symptoms can leave the afflicted and their loved ones feeling confused and hopeless, grappling with sudden changes that ripple through an individual’s life. In the flurry of physical and mental changes, more mundane issues can be put on the back burner until things snowball into an unfortunate mess. All of this can sound scary and overwhelming, but there are steps to take to increase financial protection when dementia does occur.
A client’s team should be comprised of personal and professional individuals who have the client’s best interest at heart, including: