When planning your estate, it is important to consider any potential health issues that could arise. One grave concern is Alzheimer’s disease and other forms of dementia. If you become incapacitated due to one of these illnesses, it could significantly impact your ability to make decisions about your finances and property. In this blog post, we will discuss the impact of Alzheimer’s and dementia on estate planning and offer some tips for ensuring that your wishes are carried out even if you can’t speak for yourself.
Regarding estate planning, one of the most important things you can do is create a legal document that outlines your wishes for how your assets should be distributed after death. If you are diagnosed with Alzheimer’s or dementia, however, this becomes much more difficult. The illness affects your mental capacity and can cause confusion, memory loss, and difficulty making decisions. When this happens, executing a will or trust may be impossible without outside help.
In addition to creating legal documents that outline your wishes, there are other steps you can take to ensure that your assets and property are handled according to your desire in the event of Alzheimer’s or dementia. One way is to designate a trusted person as an agent with power of attorney. This person can make decisions on your behalf if you become incapacitated or unable to make decisions due to the illness.
Another important factor in estate planning with Alzheimer’s and dementia is considering how much of your assets should be held in trust. A trust allows you to specify how, when, and to whom the money will be distributed after death. It can also provide for a guardian overseeing your finances and health care. These are important considerations when dealing with an uncertain future due to a potential diagnosis of Alzheimer’s or dementia.
Finally, all documents pertaining to your estate plan must be up-to-date and legally valid throughout your life and beyond. Ensure that someone you trust has access to these documents and is aware of your wishes. This should include a will, power of attorney, medical directive/living will, and other important legal documents that pertain to providing for your estate’s future.
Alzheimer’s and dementia can significantly complicate the process of estate planning. Planning involves:
Doing so can ensure that your final wishes are respected when the time comes—no matter what challenges arise along the way.
The road to estate planning with Alzheimer’s and dementia may be complex; however, taking timely steps to prepare for the future can help alleviate some of the strain. An experienced estate planner can advise on how best to secure your property and assets in the face of these conditions. Contact our office today with any questions or concerns.