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Estate planning is often put off because it doesn’t feel like an immediate need or simply because people don’t like to talk about the end of life. We advise people to plan early and review approximately every five years.
Why prepare a will, a revocable living trust, a living will, a durable power of attorney, and a durable power of attorney for finances early in life? One never knows what comes next in life. Accidents and illnesses can strike at any point in life resulting in the need for these important documents. Young people will often think they don’t need to plan because they haven’t built up assets yet. However, they can still find themselves in a position where someone else may need to make decisions on their behalf. In case of accidents, it’s likely insurance will play a role which can introduce assets that need protection.
Another reason why earlier planning is better than later is that diseases such as Alzheimer’s have a way of sneaking up. Signs may be seen but disregarded as simple signs of aging. By the time family members come to terms with the need to take control of a loved one’s finances or health care, the person may no longer have the legal capacity to decide who will care for them. As one can imagine, that can lead to terrible emotional pain and upset within families.
June is Alzheimer’s Awareness Month and the perfect opportunity for us to speak about the legal side of this disease. Documents can be prepared to help ensure the wishes of the person with dementia are followed as the disease progresses. This can remove huge burdens from family members who would be tasked with making decisions on their behalf. Once the person is no longer capable of directing their own treatment, trusted family members can follow the path they left behind.
What documents should be prepared?
Power of Attorney for Health Care: allows a person with dementia to name a health care agent to make health care decisions once they are no longer able. This document is also known as an ‘advance directive’.
Durable Power of Attorney for Finances: names a person to make financial decisions for the person with Alzheimer's when they are no longer able to competently do so. It can help avoid court actions that may take away financial control of the affairs.
Living Will: is an advance directive which states how an incapacitated person wants to be treated in specific medical situations. For example, do they wish to go on artificial life support?
Will: names an executor and beneficiaries and does not take effect until the person passes.
Living Trust: Without this document, an estate will be subject to probate which can be time consuming and costly. A revocable living trust allows you to retain control over your estate while making transfers of assets to beneficiaries. You decide what property will go into the trust and to whom that property will be granted upon your death.
The State of Florida Department of Elder Affairs offers the ‘Alzheimer’s Disease Initiative’ which provides services to meet the changing needs of individuals and families living with the disease and other similar disorders. The provided support includes:
Respite services
Case management
Specialized medical equipment and supplies
Caregiver counseling and support groups
Caregiver training
The Law Office of Pamela J Helton can help guide you through the process of estate planning and can prepare the documents specific to your needs. Please call to schedule an appointment with our caring attorneys. 352-243-9991
