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Out of reach

What happens when a UK resident client who can no longer manage their financial affairs has assets in Guernsey, ponders Alison MacKrill

23 June 2015

Mental incapacity can render it impossible for an individual to manage their own financial affairs. The Alzheimer's Society estimates that around 850,000 people in the UK are currently living with dementia of some form.

With improved health care and longer life expectancies, this figure looks set to rise to a million by 2025; the issue of diminished mental capacity in relation to financial affairs is therefore likely to see a corresponding increase.

An individual resident in England, Wales or Scotland should strongly consider making provision for someone to look after their property and affairs, prior to the point where they are no longer capable of doing so for themselves. They should also consider their position in relation to assets they hold in other jurisdictions.

First steps

The first thing to establis...

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