As symptoms of dementia set in, it is essential to get your estate plan in place if you haven’t done so already. Your capacity to make financial, medical, and planning decisions will dwindle as your dementia progresses.
For this reason, estate planning must include advance directives for your health care and financial planning. Your family will be so grateful for your forethought.
Examples of Advance Directives
Many people have dementia or other conditions that prevent them from making the same decisions they would have before the condition progressed. Because of this, there are specific advance directives that you can prepare now while you are still capable of making these decisions:
- Medical Power of Attorney: You can appoint a medical power of attorney, which is someone you trust to speak on your behalf regarding all medical decisions. This person does not need to have extensive medical knowledge. They simply need to align with your wishes and make decisions in your best interest when it comes to choosing a treatment plan.
- Financial Power of Attorney: A financial power of attorney can be someone you know personally or professionally. This person will make all decisions regarding your finances to pay all bills, settle all assets, and take care of current business operations.
- A Living Will or Will: A living will states your plan for end-of-life care. You can include a Do Not Resuscitate (DNR) order in your living will or any other instructions. A will specifies how all of your assets and estate will be divided after your death.
- A Living Trust: While you are still living, a trust is in place to outline the plan for your property and assets. It can name beneficiaries, whether a business should be sold or passed down when death or a specific date is reached, and helps to avoid probate. You can also use a trust as a part of your tax strategy to avoid paying an excess of taxes.
When you get your affairs in order by using advance directives, you can be sure that your assets and health will be taken care of during the onset of dementia.
Make a plan for your assets if you were to become unable to make sound decisions. As experienced Estate Planning attorneys in the Temecula Valley, Shoup Legal is here to help. Contact us at (951) 455-4114 or email us at [email protected] to start planning today for peace of mind tomorrow.