Estate planning should be undertaken well before cognitive decline.
As we age, our bodies wear out.
For many, it starts with joints and mobility.
We are not as agile as we once were and frequently feel stiffness and soreness.
Eventually, friends and family may notice slowed or confused thinking.
If you do not yet have an estate plan, you should prepare one at the earliest signs of cognitive decline.
Estate planning can make cognitive decline less stressful for you and your loved ones.
According to a recent Assured Assisted Living article titled "Legal and Financial Planning and Cognitive Impairment,” people should prepare for cognitive decline before symptoms begin.
Depending on your needs, an elder law or estate planning attorney should be consulted.
An estate planning attorney will be an effective partner for those whose needs exclude Medicaid planning and are limited to powers of attorney, advance healthcare directives, last wills, and perhaps revocable living trusts.
What are powers of attorney and advance healthcare directives?
Power of Attorney
Powers of attorney documents are essential to incapacity planning.
These legal documents allow you to select a trusted and responsible individual to manage your legal and financial affairs if you cannot do so.
By appointing this person before cognitive decline, you can avoid the need for courts to intervene and appoint someone on your behalf.
Advance Healthcare Directives
The advance healthcare directives allow you to outline your wishes for medical treatments should your cognitive decline lead to incapacity.
Even if you lose your ability to communicate your wishes, these directives provide instructions regarding the care you would like to receive.
When mental capacity begins to deteriorate, daily tasks like paying bills or comprehending legal documents can be challenging.
If your cognitive decline is gradual, you will have a greater opportunity to adjust to the changes and plan accordingly.
For those who experience a sudden decline, there may be little or no time to get affairs in order.
The best way to protect yourself and your loved ones is to act now.
Do not delay.
If you suspect cognitive decline in loved ones, seek medical advice early.
It is possible your loved one is not experiencing dementia but instead has a vitamin deficiency, sleep disorder, or other health problem.
Working with a doctor will help determine the cause of the symptoms and could even help slow the progression of cognitive decline if this is the determined diagnosis.
Having an early diagnosis can also confirm the urgency of estate planning.
An experienced estate planning or elder law attorney is critical to supporting legal matters associated with cognitive decline.
This professional can prepare documents so a trusted individual can manage your affairs.
In addition to an excellent primary care physician, cognitive decline often requires the support of specialists like geriatricians or neurologists to identify and treat health concerns.
Estate planning to address cognitive decline can reduce the struggles your family will face as your health deteriorates.
Without estate planning documents like advance healthcare directives and powers of attorney, your family could be stuck in legal battles over medical decisions, guardianships, and asset management.
Navigating these challenges can be emotional, stressful, and long.
By making preparations now, you can prevent such adverse future outcomes.
Because you cannot predict the future, it is best to have an estate plan in place before you notice symptoms of cognitive decline.
Contact our Overland Park estate planning office to schedule a consultation.
Making an estate plan before signs of cognitive decline arise is the best plan of action to protect your loved ones and ensure your wishes are followed.
Without such a plan in place, your loved ones could become entangled in the courts trying to get the legal authority to support your needs.
Because legal and healthcare demands will be associated with cognitive decline, your professional team should include an experienced estate planning attorney and healthcare providers.
This post is for informational purposes only and does not provide legal advice. You should contact an attorney for advice concerning any particular issue or problem. Nothing herein creates an attorney-client relationship between Harvest Law KC and the reader.
Reference: AssuredAssistedLiving (Sep. 20, 2024) "Legal and Financial Planning and Cognitive Impairment”
REMEMBER: “The choice of a lawyer is an important decision and should not be based solely upon advertisements.”
This statement is required by rule of the Supreme Court of Missouri.
