An elderly man suffered from dementia and was found to have nobody to manage his $1M investments.

Imagine having a million dollars in savings but no ability to manage it due to dementia. This was the case for an elderly man who, despite his wealth, couldn’t make decisions for himself. This story, reported by Straits Times, highlights a critical issue many retirees could face: losing the capacity to manage their finances. In my latest video, I discuss three essential steps to prepare for this possibility: setting up a Lasting Power of Attorney (LPA), keeping your finances simple, and having a contingency plan if your LPA can't be activated. Watch the video to learn more about safeguarding your future.

Source: Elderly man who lived in HDB rental flat has $1m savings (Straits Times 4 July 2022)

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