A diagnosis of Alzheimer"s or dementia can be devastating, but if either disease is in its early stage, it"s important to start making plans now. Sadly, many patients with memory loss have not handled asset management before the disease accelerates, therefore, completing this process early is in everyone"s best interest. However, if the diagnosis comes before the planning, it"s important to begin planning right away, because the disease progresses at different rates for everyone.
Planning for a financial future during the early stages of Alzheimer"s or dementia diseases ensures that all wishes are met as the diseases progress. Establishing this plan early will help everyone be more prepared, allowing the patient to focus on more important issues, such as personal care as the disease progresses.
At its core, legal planning must include the following steps:
Review existing legal documents to make sure they are updated and express all wishes
Make plans for all property or finances
Create a plan for long-term care and future health care wishes or needs
Name someone as a beneficiary to make decisions on your behalf, both medically and financially
What is Legal Capacity?
This term will appear during the planning process, as it relates to your capability of executing legal documents. Executing a legal document is simply signing the document to make it an official representation of the patient"s wishes. A legal capacity is the basic ability to fully understand the consequences of signing documents and the ability to generate rational decisions. This term will appear in later stages of memory diseases, as legal officials, doctors, and family members decide if the patient has the capacity to sign a document with the full knowledge of what is being signed.