Every June, our nation observes Alzheimer’s and Brain Awareness Month. And with good reason— more than 55 million people worldwide are living with Alzheimer’s or another form of dementia, and two-thirds of Americans have at least one major potential risk factor for dementia. These numbers are not just sobering—they are a wake-up call. And while there is no current cure for this horrible disease, we can control how we prepare for the possibility. That’s where estate planning can help.
Many people have a narrow view of estate planning, often believing it only involves preparing for the management and distribution of their assets after they pass away. And in many ways, they are correct.
We should all strive to ensure that our wishes are fulfilled and that our loved ones are well cared for.
But estate planning accounts for so much more than the day you die. It is also about planning for life—especially when life takes an unexpected and difficult turn. When done correctly, it also helps you prepare for the unfathomable moment when you or a loved one is alive but can no longer make sound decisions for yourself due to illness or cognitive decline.
Planning Ahead Before It Is Too Late
Cognitive diseases such as Alzheimer’s and dementia are progressive, meaning they worsen over time and slowly strip away a person’s ability to care for themselves, communicate clearly, and make decisions. One minute, you are enjoying your family, telling stories from your days in the military, or running the family business. Next, you cannot remember these precious moments or how to complete the simplest of tasks you once took for granted.
This can impact every aspect of daily life, including, but not limited to, the following:
- Paying bills
- Running the family business
- Remembering how to get to and from the grocery store
- Remembering legal responsibilities
- Handling family matters
Once a person’s mental capacity declines, it may be too late to sign documents or update an estate plan to put someone else in charge of making important decisions. That’s why proactive estate planning is so important—while you still can. You can appoint someone to handle your affairs if you are deemed medically unfit to do so. Also, you can determine who will care for your children. You can even lay out your wishes for future healthcare decisions, final arrangements, and more.
Key Estate Planning Documents You Will Want To Consider
Having a Will is a great place to start with your estate planning strategy. But you may also want to consider the following—especially if you or a loved one has recently been diagnosed with Alzheimer’s or dementia.
- Wills
- Trusts
- Durable Power of Attorney
- Medical and Financial Power of Attorney
- Medical Authorizations
- Burial Directives
- Advanced Healthcare Directives/Living Will
- Declaration of Guardianship
So, as we honor Alzheimer’s and Brain Awareness Month, it’s important to take action now—for yourself, your loved ones, and for the fight to end Alzheimer’s. Do your part, and please do not overlook critical estate planning decisions.
Call Nelson Law Group Today!!
When it comes to protecting your family’s future for years down the road, it is imperative to have an estate planning attorney in your corner at all times. Give our knowledgeable staff here at Nelson Law Group, PC, a call if you have any questions. Our staff is always available.
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