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Estate Planning For Family Member Showing Signs Of Dementia

Sep 06, 2022 | Estate Panning, Will

It is more hurtful to see a loved one developing signs of dementia. Dementia is a cognitive disorder or an impaired ability to remember, have mood swings, and make choices that interfere with everyday life.

It can be Alzheimer’s disease. More than five million Americans who live past age 85 are likely to have this disease. The health and safety of someone who is showing signs of dementia should be a top priority and as such, it is very important to get legal documents in place before it progresses further. This is the best time to get a legal plan in place if it is outdated or never existed.

Get Your Affairs in Order

The aspect of being proactive is the key since you wouldn’t be eligible to make a legal valid will, power of attorney, or other legal documents unless you’re in a sound mind and understand the consequences of your choices. Getting one’s legal planning in place is all about setting legal documents such as medical and medical care and estate planning documents.

Legal, Financial, and Health Care Planning Documents

Health Care Derivatives

Health care derivatives are a set of documents that provide directions to your health care provider about your wishes for end-of-life care when you are unable to do so. Two parts exist;

Living Will

It outlines your wishes for treatment for end-of-life medical care. It covers how much intervention you want for pain relief and medical treatments such as surgery, resuscitation, ventilators, and feeding tubes.

Health care power of attorney

With this authority, the individual you choose will make medical decisions when you are unable to do so. He also makes sure that your living will is respected. Once your health and health care matters have been settled, the next step is to secure your assets or possessions to the people you want to inherit them

A Will

A will determines how an estate will be handled and shared with the beneficiaries of your choice.

A Living Trust

A living trust lets you leave your assets to whomever you choose to manage your assets if you become incapacitated. The advantage of a trust is that after your death, your beneficiaries don’t have to conduct a probate court proceeding before wrapping up your affairs.

Conclusion

Without an estate plan or a Will, when you pass your assets will be subject to intestacy rules. This is usually not preferable, as these rules don’t consider your personal wishes. The whole process is expensive, intrusive, and time-consuming.