If you want to be comprehensively prepared for the future you have to be levelheaded and mature about accepting some of the challenges that go along with reaching an advanced age.
Nobody relishes the idea of becoming unable to make sound decisions. But the cold hard truth is that upwards of 40% of people who reach the age of 85 suffer from Alzheimer’s disease. As most people know Alzheimer’s is a form of dementia, and dementia can result in the inability to comprehend concepts and make logical decisions.
People who are deemed to be unable of handling their own affairs by the court can become wards of the state. The court will appoint a guardian in these cases to make decisions in behalf of the incapacitated individual.
If you are like most people you would prefer to have your own handpicked decision-makers in place. This can be done by executing documents called durable powers of attorney. Because of the fact that these documents are indeed “durable” they remain in effect upon the incapacitation of the grantor.
You could execute a durable power of attorney for health care decisions and another DPOA for financial decision-making and name separate attorneys-in-fact if you feel as though different individuals would be best for each respective role.
Incapacity planning is an important part of any comprehensive estate plan. If you have not yet executed these important documents right now would be a good time to arrange to do so with the assistance of a licensed and experienced Indianapolis estate planning lawyer.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
- 5 Important Steps to Take after an Alzheimer’s Diagnosis - May 19, 2022
- Can I Be Held Personally Liable for Mistakes I Make Administering a Trust? - May 17, 2022
- What Is an Irrevocable Life Insurance Trust? - May 12, 2022
