With an increasing number of Americans being concerned about their parents developing cognitive disabilities as they grow older, it is important to think carefully about how the estate planning process can be impacted when your family member develops dementia.
Accomplish Estate Planning as Soon as Possible
If you have not yet started the estate planning process and your loved one becomes affected with dementia, then it is likely that they will need a court appointed guardian to assist them with the estate planning process.
It is important to keep in mind that proper estate planning before a dementia diagnosis can help to avoid this process entirely. Many individuals are interested in avoiding the process of a guardian being appointed because as soon as an individual in your family has been diagnosed with dementia, it will quickly become apparent that someone needs to help make decisions that will impact their financial and healthcare future.
What Tools to Consider Post-Diagnosis
Some of the most popular documents and tools to consider at the time of a dementia diagnosis include a trust, a financial power of attorney and a healthcare proxy. You can develop each of these documents by consulting with a knowledgeable estate planning attorney. Do not hesitate to get legal advice as soon as possible on these matters. A New Jersey estate planning attorney can help you and your family as soon as possible.