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Why Should I Plan an Estate for a Senior With Dementia?
Senior citizens are among some of society’s most valuable members. An old saying goes that getting old isn’t for the weak. To have reached an old age, someone must have lived a lifetime of experiences, worked hard, and acquired a great deal of knowledge and wisdom.
Senior citizens are also among some of society’s most vulnerable members. Along with age comes the risk of dementia. Currently, close to sixty million people worldwide have dementia, with ten million new cases diagnosed every year. Seniors with dementia may no longer be able to make medical or financial decisions on their own. Dementia can also make senior citizens vulnerable to predatory behavior from scammers, unscrupulous businesses, and sometimes even friends and family members. This is why it’s vital to estate plan for seniors with dementia.
Estate planning can help protect vulnerable people and vulnerable assets. An estate plan can help ensure a senior citizen is protected from scammers and that they can pass along assets to their loved ones along with their life experiences. This is why if you or a loved one knows a senior with dementia, you must consult an experienced estate planning attorney.
What is Estate Planning in California?
Estate planning is determining what will happen to a person’s assets and their estate after they are gone. Most people are familiar with the concept of a will. While an estate plan may include a will, it is only one component of a more extensive collection of legal documents. Generally, a will contains instructions for a person’s burial. It may also include some last instructions to family and loved ones. A will can also include how some elements of the estate should be distributed. A will is not a comprehensive document, though.
An estate plan is a comprehensive collection of legal documents establishing how a person wants multiple aspects of their estate to be handled. An estate plan may include but is not necessarily limited to:
- A Will
- A Living Will
- Trusts
- Power of Attorney
- Medical Power of Attorney
- Advanced Care Directives
- HIPAA Authorization
An estate plan takes into account multiple considerations. This not only includes funeral and burial plans but also asset distribution, the individual’s healthcare, their financial needs, and end-stage planning. This can be especially important when dealing with someone who has dementia. For individuals with dementia, an estate plan can help ensure their healthcare and finances are secure at a crucial time.
What Medical Considerations Should be Made When Estate Planning for Someone With Dementia?
While medical considerations are always a key part of estate planning, they are especially crucial for individuals with dementia. This is because the person may reach a point where they cannot make informed decisions about their own healthcare. An estate plan can contain documents establishing the person’s wishes for their care. These documents can be drafted and signed while the individual is still of sound mental health. This allows a person to plan ahead.
The medical portions of an estate plan provide instructions for doctors, attorneys, and loved ones to follow once an individual can no longer make their wishes known. Power of attorney grants an individual the ability to make informed legal decisions on the individual’s behalf. Medical power of attorney extends these powers to making medical decisions. Medical power of attorney may entail carrying out wishes outlined in an advanced care directive or living will. HIPAA authorization will allow designated individuals access to the individual’s medical records.
A living will establishes how a person would like their healthcare to be handled if they are incapacitated. Incapacitation can include some forms of dementia. A living will may contain a DNR order. DNR stands for do not resuscitate. This means an individual does not want life-saving measures taken if they should experience a potentially fatal medical event.
What Financial Considerations Should Be Made When Estate Planning for Someone With Dementia?
Finances are another concern for someone with dementia. Healthcare in America can be expensive. Medical costs associated with elder care can be exceptionally high. An estate plan can establish a trust for healthcare purposes. This is a legal arrangement in which a person called a guarantor transfers money or other assets into a trust. The trust is managed by an individual known as a trustee. The trustee is responsible for administering the trust according to the guarantor’s wishes. A trust can allow an individual at risk for or suffering from dementia to keep money safely set aside for healthcare expenses.
Power of attorney can also be valuable. Granting a trusted individual power of attorney allows them to make important decisions on an individual’s behalf, including major financial decisions. Granting a loved one power of attorney can help safeguard a person’s financial security from individuals seeking to take advantage of someone vulnerable.
These are only a few of the considerations when estate planning for a person with dementia. Every individual person’s needs are different and should be considered on a case-by-case basis. This is why if you or a loved one are estate planning for an individual with dementia, you must contact an experienced attorney.
What Should I Do if I Need to Estate Plan for a Person With Dementia?
As the sister to a sibling with special needs, Sheela Stark knows firsthand how important it is to protect family members legally. That’s why, at Sheela Stark Law Group, APC, we believe in protecting our clients and their loved ones. Located at 9431 Haven Ave #232, Rancho Cucamonga, CA 91730, we pride ourselves on our deep compassion and dedication to our clients.
When helping to create an estate plan, we review every case and craft a unique plan suited to each individual’s needs. This includes medical needs such as dementia. We want to ensure every client and their families are cared for during a vulnerable time. With an estate plan developed by Sheela Stark Law Group, APC, you can rest assured you and your loved one are taken care of as they enter a new stage of their lives. If you or a loved one are helping estate plan for someone with dementia, don’t hesitate to contact Sheela Stark Law Group, APC, at 909-675-1545 or email us for a free consultation. Please note that, due to court and client scheduling, walk-ins are no longer accepted.
People’s memories of their loved ones in old age should be happy and fulfilling. No one should have to spend time with their loved ones worrying about healthcare, money, and other concerns. Sheela Stark Law Group, APC, can help ensure your time with your loved ones is well-spent and worry-free.
