Will change after dementia diagnosis?

A question about : Will change after dementia diagnosis?

MiL & FiL have had mirror wills for years (own home & about 25k savings).

Up until now (they're 88 & 90 yrs old) it was to each other on first death, then on 2nd death 50% split between their 2 sons and remaining 50% split between 4 grandchildren. For some reason they've decided to just split it 50% each to sons (excluding grandchildren now).

TBH we're not bothered what they do (it's their money & 'inheritance' can't half bring out the WORST in families). I'm just interested in what problems we might encounter given that FiL has been diagnosed with dementia so MiL is the driving force behind the sudden need to change it all.

There's no expectation that any of the grandchildren might turn nasty, but IF they did...........???

Of course, there's always the possibility there'd be nothing much left if MiL died first as FiL would have to go into a care home anyway, but I don't think that's a discussion any of us are going to have with her!

Best answers:

• You should also consider the status of any property they own.
  It is possible to serve a notice on a person with Dementia that separates legally any joint finances that a couple have.
  It is also possible to change the ownership of property to Tenants in Common (from joint tenants) where one person owns a set proportion (usually 50%) of a property.
  Unfortunately many people have 'mirror' wills that become inappropriate in old age and could potentially mean that grandchildren get nothing as happened with my parents.
  A person with capacity can change a will - and probably should get a power of attorney sorted out. It is almost impossible to change a will if a person has lost capacity.
  I would advise speaking to a solicitor who is a member of the 'Solicitors for the Elderly' for detailed advice. The changes I suggest above were made for my Aunt and Uncle who simultaneously went into a nursing home. Aunt has dementia and now, three years later at Ј1,000 a week has run out of money so an application to the council has been made for funding. They cannot access Uncle's money due to the above - he has another few months until his runs out.
• Power of Attorney has been set up, using Mojisola's phrase "in a clear period", but TBH though I think their jointly owned home and finances (20k in a joint, non interest bearing current a/c) could & should be much better sorted out, I don't want to meddle or make suggestions which would perhaps upset my MiL (& make me look like a money grabbing vulture).
  I'm was really just concerned about what can of worms might be opened if FiL, whilst having sadly already lost most of his marbles, changed his Will at this stage (even though my husband, & me by default, will benefit more by it).
  Hopefully the solicitor they've chosen will help them make good decisions from a neutral standpoint (but if he/she lists themselves as Executor there'll be TROUBLE).