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.
With a law degree and a Master of Health Administration from the top health law program in the nation Mr. Rader began his career in public service with the Nevada State Board of Medical Examiners. While with the Board he dealt with many complex health care issues confronting the state and assisted in redrawing state health law. Mr. Rader next worked for the Governor’s Office, Consumer Health Assistance. As Deputy Chief Ombudsman he represented the interests of many citizens before health care providers, state legislators and other state agencies.
Latest posts by Bryce L. Rader, Estate Planning Attorney (see all)
- When and Where You Die Matters - May 21, 2019
- Protecting Trust Beneficiaries by Leaving Assets in a Trust Share for each Beneficiary - November 16, 2018
- What Is A Gun TrustAnd Why Do I Need One - August 12, 2016