Learning that you or a loved one has dementia can be incredibly devastating. Though the aftermath of a diagnosis can be hard to navigate, it’s important to understand that you have many things you must consider during these challenging times. One of the most critical considerations you must make surrounds your estate and beneficiaries. The following blog explores the importance of planning your estate following a dementia diagnosis with the help of a Pasco County, FL estate planning lawyer. Continue reading to learn why you should not delay this process.
Why Is Estate Planning Important for Those With Dementia?
When you receive a dementia diagnosis it can be in relation to a variety of issues, but is usually due to a short-term memory problem. However, this can rapidly progress, diminishing memory and cognitive abilities like judgment or social skills. As such, taking care of important matters as soon as possible is critical to achieving peace of mind that you and your loved ones will be cared for as your wishes will be documented.
Generally, the most important document you should create for your estate plan is a will. This details how you would like your assets distributed upon your passing. For example, you can name which beneficiaries you would like to receive which assets. You can also create a trust that will be managed by another person on your behalf to distribute assets and funds to beneficiaries throughout your life.
Another important consideration you should make is appointing a financial and medical power of attorney. This person or people, if you want two separate individuals assuming these respective roles, will make decisions about your medical treatment and financial investments on your behalf in the event you become incapacitated or unable to do so yourself. You should sit down with this person to explain your wishes, such as what medical care you do not consent to or what financial decisions you wish to make.
Should I Connect With an Attorney?
Anyone planning their estate should avoid doing so by themselves and instead seek legal guidance. However, this is even more critical for those who receive a dementia diagnosis. Many things can go wrong during this period which could invalidate the outcome of your estate plan.
For example, you may not include all necessary assets or explicate how you would like certain properties distributed. Additionally, the courts may question whether or not you were mentally competent to understand the importance of the document you drafted. Working with an attorney can help ensure all matters are covered and verify your understanding of the severity of these issues before proceeding with estate planning so the courts cannot deem that you were not of sound mind when creating the plan.
At the Law Offices of Matthew J. Jowanna, we understand how challenging these times can be. That’s why our dedicated and compassionate team is committed to doing everything possible to help you navigate these matters. If you’re ready to begin planning your estate, contact our team today to get started.