Suppose you have a brain-related illness or know someone who has it. In that case, it is crucial to consider estate planning to protect your finances and assets in Hayber, McKenna, & Dinsmore. This also helps provide safety and stability to your loved ones as these diseases progress fast and your life is at significant risk.
There are chances that your illness can progress to the level where you may be unable to remember your family members or grasp the importance of documentation and the creation of estate plans and bills. The only available choice at that stage would be filing for guardianship. If there is no execution of a power of attorney in health and finance-related matters, it is essential to file for guardianship in court.
If you end up passing away without estate planning, the debt will be considered intestate. Your estate’s division will be done per the intestacy guidelines instead of your wishes. Therefore, taking effective measures in creating and updating estate planning is essential if you are going through brain diseases like Alzheimer’s.
Here are some essential tips that help protect your family members and dependents.
1. Make sure to get a healthcare power of attorney.
This agreement has to assign a person to make decisions regarding your healthcare if you reach a stage when you are unable to decide for yourself. It is also known as a healthcare proxy. The agents, determined by power of attorney, talk to the doctors and healthcare professionals to ensure your interests are protected.
2. Get a DNR
Do not resuscitate orders include instructions to healthcare providers regarding the performance of CPR if your heart fears or you are unable to breathe. The DNR must be agreed to by the doctor and added to your medical chart.
3. Create a living will.
Living Wills help to decide and implement all the grantor’s desires regarding healthcare treatments and other decisions if the creator cannot make decisions on their own.
4. Prepare a revocable trust.
These kinds of trust help in addressing financial-related matters and the management of assets while you are alive. A revocable trust helps to instruct the trustee about managing the property and finance on behalf of the estate owner. The trustee fulfills tasks like payment of this and decision-making regarding finances and property, the grantor is incapacitated.
5. Consider a special needs estate plan.
If you are going through a disease that is progressing fast, a special-needs estate plan helps in the allocation of your finances and assets so that it can help your dependents in your absence.