Among the side effects of old age is memory loss. Sometimes it's inevitable, which makes it hard for you to fulfill your duties as you would before. Estate planning is one of the more complicated processes with Alzheimer's disease, but things get more manageable if you start early and involve the right professionals.
If you have Alzheimer's disease, you must take proactive measures to protect your financial future. Failure to plan now may cause adverse consequences, which include:
- Your beneficiaries may challenge the validity of your will and trust
- Your assets may end up in the wrong hands
- You may have to deal with lengthy and bitter court battles over control of your assets
- You may mistakenly leave some of your heirs out of your will
Don't be among those who wish they had taken action earlier when it's already too late. While you may feel overwhelmed after being diagnosed with Alzheimer's, read on for some estate planning tips to make things easier.
1. Plan Early
It's critical to start your Alzheimer's planning immediately when you notice the first sign of memory loss. Gather all the necessary documents and consult a reliable estate planning attorney for help on the way forward. Some must-have documents during your consultation are:
- Wills
- Powers of attorney
- Trusts
- Healthcare directives
Also, carry any document linked to your financial assets. Your lawyer should evaluate your financial situation and advise you on how to save your money and protect assets down the road.
Afterward, gather all the involved shareholders, including your spouse, offspring, and close friends or relatives. This step helps to avoid drama and quarrels in the long run. In addition, it unifies your heirs as you move on with estate planning.
Other than your attorney, consult medical and mental health experts. The experts will determine your competency — if you are in sound mind to sign estate planning documents.
2. Create Healthcare Directive and a Living Will
Again, as soon as you notice the first signs of Alzheimer's, you should draft a health care directive, also known as a health care power of attorney. This document authorizes a trustworthy person (known as an agent) to take over your medical decisions when you cannot do it yourself.
The health care directive should include an explicit declaration that you want to give a specific individual the power to make your health care decisions. It should also present evidence of the document's legal capacity through your signature to show that you have written the document willingly and knowingly.
Your healthcare agent should be someone you fully trust and who genuinely cares for you. Make sure to sign the health care directive as soon as possible before your condition deteriorates. This move prevents you from signing the document illegally.
Besides the healthcare directive, it is recommendable that you create a living will. The document is similar to the health care power of attorney as it outlines your wishes about your end-of-life treatment. It states your intent if you become terminally ill or go into a coma. For instance, you can indicate that you don't want to stay in a life support machine or state that you wish the doctors to keep you alive as long as possible.
Seek the counsel of an estate planning attorney to help you make sound decisions as you draft a living will and healthcare power of attorney. The expert has your best interests at heart and will ensure your choices are not biased.
Donald B Linsky & Associates PA is your go-to legal consultant for your estate planning needs. You can trust us to help you secure your loved one's financial future. So contact us today, and let's get started with your plan.
