September is World Alzheimer’s Month. Alzheimer’s disease is a challenging journey, not just for those diagnosed but also for their families. As the disease progresses, it gradually robs individuals of their memory, cognitive abilities, and independence. While this can be a difficult reality to face, proactive estate planning can help ensure that those affected stay in control by choosing who will act for them and ensure their wishes are honored, and their loved ones are protected.
Why Estate Planning is Crucial for Alzheimer’s
Alzheimer’s is a progressive disease, meaning that over time, the ability to make informed decisions diminishes. This makes early planning not just important but essential. By addressing estate planning needs early, individuals can maintain control over their assets, healthcare decisions, and the legacy they wish to leave behind.
Key Estate Planning Documents
1. Durable Power of Attorney: This document allows a trusted person to manage financial matters if the individual becomes unable to do so. It’s crucial to designate this power before Alzheimer’s advances, as the individual must be mentally competent to make this decision.
2. Advance Healthcare Directive (Living Will): This allows individuals to outline their preferences for medical care, including end-of-life decisions. It also appoints someone to make healthcare decisions on their behalf if they are unable to communicate their wishes.
3. Last Will and Testament: A will ensures that assets are distributed according to the individual’s wishes. It can also designate guardians for minor children and make provisions for pets or charitable donations.
4. Revocable Living Trust: This tool can help manage and protect assets during the individual’s lifetime and beyond. A trust can be especially useful for those with Alzheimer’s, as it allows for a seamless transition of asset management to a trustee if the individual becomes incapacitated.
Special Considerations for Alzheimer’s Patients
– Long-Term Care Planning: Alzheimer’s often necessitates specialized care, which can be costly. Incorporating long-term care planning into your estate strategy can help protect assets while ensuring access to necessary care. Options like long-term care insurance, Medicaid planning, and asset protection trusts can be explored.
– Regular Review and Updates: Estate plans should be reviewed regularly, especially after an Alzheimer’s diagnosis, to ensure they reflect the current wishes and circumstances of the individual. This includes updating beneficiaries, reviewing financial accounts, and making adjustments to trusts if needed.
– Family Communication: Open and honest communication with family members is vital. Discussing the estate plan ensures everyone understands the individual’s wishes and reduces the potential for conflict later. It also allows family members to prepare emotionally and practically for the future.
Taking the First Step
Creating an estate plan in the early stages of Alzheimer’s can provide peace of mind and a sense of control in an uncertain situation. At Willow Legal Group, we specialize in compassionate, customized estate planning that reflects the unique needs of our clients and their families.
Whether you’re planning for yourself or a loved one, we’re here to help you navigate this challenging journey with care and expertise. Contact us today at (240) 813-8843 or here to schedule a consultation and take the first step in securing your future.