The recent death of renowned journalist Mike Wallace came without many people realizing that he had suffered from dementia during the final years of his life. About one out of every 8 people over the age of 65 will suffer from dementia or Alzheimer?s disease, medical conditions that will rob them of their ability to make choices. Because there is no current cure for dementia, it?s important for everyone to create an estate plan that prepares for this possibility before time runs out.
Tip 1: Make medical choices now.
The onset of dementia can leave you legally incapacitated and unable to make your own decisions. You can, however, choose to set out your choices now before any problems arise. Creating a living Will allows you to state your medical wishes in detail, and in a form that your health care providers and physicians must abide by if you ever need it. A living Will is distinctly different than a last Will, and both must comply with specific state rules.
Tip 2: Have someone ready to step in to take over.
A power of attorney is a legal document that lets you choose someone who will make your choices for you. You can create a power of attorney that takes effect only once you lose capacity. This allows you to continue making your own decisions until the very last moment.
The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.
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