How Do I Estate Plan if I Am Concerned About Dementia?

Dementia is a devastating condition that leaves individuals suffering from two or more brain impairments at a time (i.e., memory loss, communication struggles, problem-solving struggles, etc). You may think this could never happen to you, but you truly never know what complications may come with your older age. For this reason alone, you must prepare for the worst while hoping for the best. Specifically, you must establish your estate plan before the possible, tragic event of receiving a dementia diagnosis. Continue reading to learn how to estate plan if you are concerned about receiving a dementia diagnosis and how one of the experienced Butler County powers of attorney lawyers at Heritage Elder Law & Estate Planning, LLC can equip you with the proper tools.

How do I estate plan if I am concerned about a dementia diagnosis?

Arguably the most important estate planning document you must create before the onset of dementia is the financial power of attorney. In fact, here at Heritage Elder Law & Estate Planning, LLC, we consider this the cornerstone of everyone’s estate plan. Essentially, a financial power of attorney allows you to appoint a trusted individual to serve as your agent. Then, as your agent, they may have control over your financial assets if it is ever necessary. That said, a situation in which they’re assuming this position may be deemed necessary is if you ever receive a dementia diagnosis.

More specifically, it may be best if you establish a springing power of attorney. With this, your agent may only be granted this authority once your attending healthcare provider certifies your dementia diagnosis. Meaning that you do not have to put off signing this document into effect, to the point that it becomes too late.

What other estate planning tools should I prepare before a dementia diagnosis?

Though it is an achievement to establish a valid and enforceable power of attorney, your estate planning should not stop there. To reiterate, you must prepare for the worst-case scenario, a dementia diagnosis, and make sure all your bases are covered. Without further ado, below are additional estate planning tools worth preparing:

• A living will to direct how your end-of-life care is to be handled.
• A healthcare power of attorney to direct who is to make medical decisions on your behalf.
• A last will and testament to direct who is to receive your assets upon your unfortunate passing.
• A revocable living trust to direct who is to receive your assets upon your unfortunate passing, without the need for a probate court proceeding.

If you are unsure of your next move, resort to one of the skilled Butler County estate planning & probate attorneys. Someone at Heritage Elder Law & Estate Planning, LLC will know the legal option that works in your best interest. So call our firm today.