Financial Competency Test for Dementia Patients Unveiled
BIRMINGHAM, Ala. A team of UAB doctors has developed a 25-minute test that physicians can use to determine the competence of patients to handle financial affairs….
… patients lose arithmetic and other basic money management skills, and the ability to make both complex and simple financial decisions.
"They also become highly vulnerable to financial exploitation by others."
"The findings suggest that financial capacity first becomes impaired in the MCI (Mildly Cognitively Impaired) period, ...”
We learned this lesson the hard way over 10 years ago when Patti quickly ran up a couple thousand dollars of QVC charges on our VISA and couldn’t even really remember what she had ordered, and did she even get delivery.
It was a shock and a wake up call about cognitive impairment. And believe me few things are harder than when you MUST begin to legally define someone’s competency. Since my earliest age I was raised that ours is a nation of individual liberties and freedom. The morality and responsibility of competency gnaws at your soul.
Yet on the other hand financial exploitation of the cognitively impaired IS real. QVC is not alone among the predators.
A financial competency test could be so beneficial to families. An early warning is much safer for all than an expensive wake up call.