Posted On: September 11th 2014
When a loved one has Alzheimer’s disease, the practical and legal considerations often are not the first concern. However, considering the degenerative nature of the disease, estate planning will be the best way to ensure your wishes or your loved ones wishes are met. The estate planning attorneys at Schwartz, Fang & Keating can help you address issues such as property management, healthcare planning, and advanced directives for medical decision making.
If an individual already has a will, you might wonder if you need an estate plan. There are many differences between the two. Most importantly, estate planning covers more concerns than a will alone can address.
During the process of legal planning for the future, there will be many details to consider and it can be an overwhelming process. However, there is plenty of information available and having an attorney walk you through it is the best way to tackle the challenge. Please also keep in mind that not all considerations will apply to your specific situation.
When considering the patient’s financial security, future medical care and decision making, management of property and distribution of assets to others it is important to begin legal planning as early as possible. Some clients start their estate planning before the need arises. Many clients who plan their estates early, create a shadow plan, which is put into effect if diagnosis of Alzheimer’s should occur.
For most people, they are unsure on how to get started with their estate planning. The first step would be to collect all the necessary legal documents. By taking an inventory of existing legal documents, you will be able to review them and make necessary updates. Legal documents are the best way to ensure your wishes are adhered to as the disease progresses.
Legal Capacity
Legal capacity refers to your ability to execute (by signing) a legal document such as the ones listed above. In short, are you able to understand fully the results of your actions and decisions. In a disease that will deteriorate a person’s mental status, this term is extremely important.
Alzheimer’s Disease can affect a person quickly or be extended for many years. You might not need care for a long time because the most serious physical ailments do not happen until the later stages. It is important to have a plan for dealing with the medical costs of that very trying time. With increased levels of care such as daily supervision and home health care, it is important to consider the value of existing savings, investments, and real estate. Elder law planning and estate planning go hand-in-hand in ensuring you have sufficient funds to receive the care you need and have something left over to care for your loved ones.