Getting diagnosed with Alzheimer’s comes with many challenges, ranging from fear and uncertainty about the future to the issues related to estate planning. If your loved one has been diagnosed with Alzheimer’s, following estate planning tips would come in handy.
Estate Planning Documents
All of the appropriate estate planning documents must be in place following a diagnosis of Alzheimer’s or any other kind of dementia. Following two types of documents would play an essential role in the happenings after Alzheimer’s diagnosis:
- Durable Powers of Attorney:
Once someone is under the effect of dementia, there exists a risk of making irrational financial decisions, and thus, they must appoint an individual to make financial decisions for them. It is a wise idea to pass this power to the same person who will be the executor of the patient’s estate.
- Healthcare Powers of Attorney
The second document is of healthcare power of attorney. This involves the decision regarding healthcare for the affected person so that they are taken better care of. The person receiving the healthcare power of attorney must be the one with an understanding of the healthcare process.
An important tip is to prepare a backup plan for each individual, which can work in an emergency.
The Guardianship Process
If the individual does not have an adequate estate plan in place, they might be required to navigate the guardianship process. The process is advantageous yet too costly, which is why it is crucial to have a proper estate plan in place beforehand.
Special Needs Trust
Many families consider establishing a special needs trust so that the government or Medicaid does not access the individual’s finances.
Contact a Knowledgeable and Experienced Attorney
If your loved one is going through a similar condition or you are interested to know more about the estate planning around Alzheimer’s, contacting a knowledgeable estate planning attorney is always a good idea.
Contact Keystone Asset Protection and Estate Planning today to protect your assets, preserve your hard work and receive your due rights.