While we all hope to live to an old age in relatively good health and comfort, the fact is that some people in the Cumming area will develop dementia or Alzheimer’s, leading them to lose their mental faculties over time. This means that their loved ones may be thrust into a position of having to make important healthcare and financial decisions on their behalf.
However, through estate planning you can execute certain documents that can help your loved ones make these decisions in a manner that reflects your wishes should you become incapacitated. This can be of great comfort to your loved ones during a difficult time.
When it comes to healthcare, one document you will want to consider executing while you are still of sound mind is a living will. This document dictates what end-of-life medical care you wish to receive. Another document worth executing is a durable power of attorney for health care. This document names the person you would like to make healthcare decisions on your behalf, should you be unable to do so yourself. A third document you may want to execute is a do not resuscitate order. This document dictates that you are not to receive CPR if your heart stops or you stop breathing.
With regards to financial issues, one place to start is executing a will. In a will, you can dictate how you want your assets passed on after your death. Similarly, a living trust can be executed that will hold title to your assets and finances, which will be distributed to your named beneficiaries upon your death. The trust is managed by an appointed trustee. You may also want to execute a durable power of attorney for finances. This document names an individual who will make financial decisions on your behalf, should you be unable to do so yourself.
A comprehensive estate plan can be of great comfort both to you and your loved ones should your mental health decline due to dementia or Alzheimer’s. While we all hope to never be placed in such a situation, the fact is that no one is guaranteed to remain in good health for their entire life. Being prepared through estate planning can ensure our wishes are met if we cannot communicate them and can bring peace of mind to our loved ones who can rest assured that they are making the decisions we would make for ourselves if we could.