If you are one that likes to be prepared for life’s eventualities then you should consider the possibility of mental incapacity. According to the Alzheimer’s Association 13% of senior citizens suffer from Alzheimer’s disease, and this rises to about 40% among individuals who have reached the age of 85. Alzheimer’s causes dementia among other things and people who are suffering from dementia can find themselves unable to make sound decisions.
To prepare yourself, you may want to consider creating a living trust with incapacity safeguards included. In many cases the grantor will serve as the trustee while he or she is alive and fully capable of decision-making. However, you could also name a disability trustee who would administer the resources in the trust if the grantor and primary trustee was to become incapacitated.
In addition, durable powers of attorney are recommended as a way to empower people of your own choosing to make decisions in your behalf should you become unable to do so in the future due to incapacity.
If interested parties were to suspect that you have become incapable to manage your own affairs effectively they could petition the court to appoint a guardian to make decisions in your behalf. This can be an expensive, time consuming and humiliating process. This possibility can be avoided if you plan ahead intelligently. The best way to do so is with the assistance of an experienced and licensed Reno estate planning attorney.
- Who Gets My Assets If I Die With No Will? - October 29, 2020
- Estate Planning Awareness Week: The Importance to You and Your Family of Having an Estate Plan - October 19, 2020
- Can Estate Planning Protect My Family Heirlooms? - October 14, 2019