The Best Way To Plan For Dementia

The Center for Disease Control estimates that, by 2060, 14 million people will have Alzheimer’s or, in turn, some other form of dementia.

Given the seriousness of dementia, and the ways in which it erodes one’s quality of life and one’s ability to live their life in a healthy manner, planning for dementia is wise.

Going over the best way to plan for dementia, and speaking with an estate planning lawyer who can help you, will allow you to protect yourself.

What Is The Best Way To Plan For Dementia? 

The best way to plan for dementia is, first and foremost, to have a conversation.

A conversation about the ways in which dementia will affect one’s quality of life and, in turn, what needs to be done to protect their assets, their quality of life, and the aims that they would like to satisfy.

Just as an example, if a person with dementia – or, who will likely have dementia –  wants a certain type of care, then this must be clarified. This also applies to the assets that a person with dementia would like to give to their beneficiaries and how they would like their estate to be managed.

Right after these wishes have been clarified, it is of the utmost importance that the people involved speak with a lawyer who can help turn these wishes into legal realities.

What Is An Advanced Directive And Why Is It Important? 

Out of all the legal arrangements that a person with dementia can develop, one of the best, and most significant, is an advanced directive.

The definition of an advanced directive is as follows: a legal document that takes effect when the individual, whom it is meant to serve, can no longer make decisions for themselves.

Just as an example, if a person with dementia can no longer make healthcare decisions for themselves, then an advanced directive can allow another person, whom they trust, to make decisions for them.

Right within an advanced directive, you can outline a power of attorney for financial and healthcare decisions that can be made on your behalf, when you are not able to do so.

Yet another example of the above is a living will.

By developing a living will, a person with dementia can clarify their medical wishes, in the event that they are incapacitated and would, or would not, like certain life-sustaining measures to be used.

A living will can, and often does, cover different arrangements. But, the above is one of the most common and it goes hand in hand with other, related, legal arrangements.

What About Estate Planning? 

The exact estate planning arrangement a person with dementia should develop is dependent on their estate planning goals and aims.

Even though the above is true, one of the best arrangements is a trust.

A good trust will allow an individual to protect their assets from probate, and other problems, while also ensuring that their assets go to their beneficiaries in a timely manner.

Many different types of trusts, and related estate planning arrangements, can be used to serve those goals.

Speak With A Florida Estate Planning Lawyer Today 

If you, or a family member, have dementia or are at risk of dementia, then it is of utmost importance that you begin planning your estate.

Speak with a Florida estate planning lawyer at the Millhorn Elder Law Planning Group today and we will help you develop an estate plan that protects you, while also allowing you to satisfy your estate planning aims.

Sources: 

cdc.gov/aging/publications/features/Alz-Greater-Risk.html

law.cornell.edu/wex/advance_directive

law.cornell.edu/wex/living_will