We could begin this article with depressing numbers and statistics associated with Alzheimer’s, but this article is to provide you with basic information on how to prepare and safeguard your finances and wellbeing, regardless of whether symptoms are currently present or not.
You are essentially planning on how to deal with incapacity and no longer possessing the power to handle your own affairs. It’s a difficult prospect to tackle, but tackle it you must. That means taking the right legal steps to protect your health and assets and look out for your heirs.
To plan for incapacity you need at minimum to have two documents in place:
1. Durable Power of Attorney
This document will allow an individual you assign to handle your financial affairs if you are no long able to do so.
2. Health Care Power of Attorney
This document will allow an individual you trust to manage your healthcare if you are no longer able to provide informed consent.
In addition to having these two forms in place, it would be wise to arrange your affairs so that your power of attorney can easily step in if it becomes necessary. This might include identifying family members, organizing your records, and making a list of your assets and debts. It would also be prudent to have a conversation with your family and power of attorney so they know how to act if the need arises.
It is understandable that many people are reluctant to plan for incapacity and to have this difficult conversation with their family. The reality is that the pain of going through this process is much less than the alternative of putting off or ignoring the need to do so. The alternative may result in you not getting the health care you need or desire, risking your assets and finances, and more importantly leaving your family in the difficult position of not knowing what needs to be done.
Listen you are not alone. According to the Alzheimer’s Association, as of 2015, one in nine Americans over 65 has Alzheimer’s disease. More alarmingly, someone in America develops this disease every 67 seconds. If you are over 65, it would be wise to plan in advance.
For further information on planning for Alzheimer’s or general asset protection, contact the Law Offices of Azita M. Mojarad, P.C. and we will put our years of experience to work for you.