When you or a loved one receives a dementia diagnosis, it can be devastating. Though it can cause overwhelming and heavy feelings, taking the time to ensure your affairs are in order before the disease begins impacting your daily life is critical. One of the most important things you must do is plan your estate. The following blog explores why doing so as soon as possible with the help of a Medina, Ohio estate planning lawyer is critical.
Why Is Estate Planning Imperative for Those With Dementia?
When you are diagnosed with dementia, this can start to impact your cognitive ability and clear thinking. As such, you should not delay planning your estate, as you’ll want to detail your wishes to ensure you, your Beneficiaries, and your assets are taken care of.
One of the most important documents you must create if you have not done so already is a Will. This documents exactly how you want your assets distributed upon your passing. Similarly, you can create a Trust Fund. This allows another person, the Trustee, to manage assets and distribute them to Beneficiaries on your behalf.
However, you should also consider appointing a healthcare and financial Power of Attorney. This allows you to name someone who will act on your behalf to seek the medical treatment you desire. Additionally, they can make financial decisions on your behalf should you become incapacitated or unable to communicate. You should sit down with the person you wish to name to explain your treatment and financial wishes. You can also document your wishes on paper to ensure they understand.
Do I Need a Lawyer for This Process?
If you or a loved one were recently diagnosed with dementia, planning your estate as quickly as possible is critical. Unfortunately, many try to do this process on their own without realizing how challenging it can be. For example, you may find that in your haste to create a plan you leave out critical information or make errors that can invalidate the legality of your documents. Additionally, the courts may question whether or not you were competent when creating the documents, which can impact whether or not they are deemed valid.
However, working with an experienced attorney ensures your wishes are documented and all necessary considerations are made. Additionally, they can help determine your cognitive ability and understanding of the situation to ensure your documents are valid.
As you can see, there are many important considerations you’ll need to make during this process. That’s why it’s vital to reach out to an experienced attorney at Krause Law. We know how upsetting it can be to learn about this diagnosis, which is why our dedicated and compassionate team is here to help you achieve peace of mind. Connect with us today to learn more.