Dementia jeopardizes sound judgement.
This is a diagnosis no one wants.
It means you are no longer quite yourself mentally.
Dementia can affect anyone.
It does not discriminate.
According to a recent Financial Advisor article titled “The Limits of Financial and Estate Planning for Dementia,” this makes financial and estate planning all the more essential.
Dementia affects the ability of an individual to make wise decisions.
Without proper planning, you will be at greater risk of losing money to scammers.
A general durable power of attorney is one way to implement safeguards.
It can help you negotiate safeguards and strict monetary controls with the bank.
It can also help you get limits placed on credit cards.
If you create a trust and are concerned about those funds, you can set up a means to be removed as trustee should doctors agree that handling money at some future time would be detrimental due to your diagnosis.
Having an advance health care directive is important.
When you are in your final days and are no longer able to communicate your own decisions, it allows your treatment plan to be followed.
A proper estate plan will not make all the problems of dementia go away.
However, it can make things easier for your loved ones and protect your legacy.
Work with an experienced estate planning attorney to get your affairs in order without delay.
Reference: Financial Advisor (September 25, 2018) “The Limits of Financial and Estate Planning for Dementia”