Alzheimer’s, Dementia, and Estate Planning
Creating a plan for your future in the early stages of the disease can be empowering and ensure your wishes are met. The sooner you establish your legal plans, the better prepared you and your family will be. It can feel overwhelming to think of creating your legal documents after you have received a diagnosis of dementia and/or Alzheimers. Legal documents help ensure your wishes are followed as the disease progresses and make it possible for others to make decisions on your behalf when you no longer can. Once legal documents are filled out, distribute copies to your care team, including your care partner, spouse, attorney and physicians. The following information is meant to cover the basics and may or may not meet your specific situation.
Legal planning should include:
· Taking inventory of existing legal documents, reviewing and making necessary updates
Making legal plans for finances and property
Putting plans in place for enacting your future health care and long-term care preferences
Naming another person to make decisions on your behalf when you no longer can
Legal capacity:
· During the legal planning process, you may hear the term "legal capacity" as it pertains to your ability to execute (put in place by signing) a legal document. Legal capacity is the ability to understand and appreciate the consequences of one's actions and to make rational decisions. This term is important to understand because it does have an effect in later stages of the disease, when some important care issues emerge.
· Legal capacity requirements can vary from one legal document to another. A lawyer can help determine what level of legal capacity is required for a person to sign a particular document. Creating a legal document does not imply that your rights are immediately revoked. The legal forms that you complete now will not be implemented until you legally no longer have the capacity to make decisions.
Legal documents may include any or all of the following:
· Durable Power of Attorney for Property/Finances - A durable power of attorney for finances/property allows you to designate another person to make decisions about your finances, such as income, assets and investments, when you can longer do so.
· Healthcare Power of Attorney: A power of attorney for health care allows you to name a health care agent to make health care decisions on your behalf when you are no longer able. Health decisions covered by the power of attorney for health care include:
(1) doctors and other health care providers; (2) types of treatments; (3) care facilities; (4) end-of-life care decisions; and (5) do not resuscitate (DNR) orders.
· Living Will: A living will, a type of advance directive, expresses your wishes for what medical treatment you want, or do not want, near end of life, such as life-prolonging treatments. It is a document you should prepare and sign before the disease progresses. Discuss your wishes regarding care with your chosen agent early and often to make sure that this person understands your wishes and is willing and able to act on your behalf when the times comes.
· Last Will and Testament: A standard Last Will and Testament provides information about how your estate will be distributed upon your death. In your Will, you may name a personal representative, who will manage your estate, and beneficiaries, the person(s) who will receive the assets in the estate. The personal representative under your Last Will and Testament has no legal authority during your lifetime.