Steps to take if your spouse is showing signs of mental decline

My husband is showing signs of mental confusion and I am concerned that he may be getting dementia. What do I need to do in order to manage his finances?

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With people living longer, it’s increasingly common for a spouse to experience a cognitive decline. This can dramatically impact day-to-day routines, relationships and finances.

If your partner starts showing signs of mental decline, it’s essential to act early. The steps you take now — while they are still lucid — can prevent years of legal and financial complications later. Here are the seven key actions you should take:

1. Understand the power of attorney trap

Most people assume that a power of attorney (POA) solves the problem. However, a standard POA only works while the person granting it is mentally competent.

Once a medical professional declares your spouse mentally incapable, the POA becomes invalid.

At that point, managing their finances can only be done by applying to court to appoint a curator or administrator — a time-consuming and expensive process.

2. Take control of the finances now

If your spouse has always managed the household finances, now is the time to step in. Dementia doesn’t strike overnight - it’s a gradual decline. The earlier you understand the financial setup, the smoother the transition will be.

Start with a financial fire drill: