Alzheimers: Legal and Financial Planning

When diagnosed with a serious illness, it’s important to examine legal and financial arrangements and make plans for the future. When someone is diagnosed with Alzheimer’s, this becomes even more important and urgent as the disease carries an expectation of declining mental and physical health. While this type of planning can be difficult and feel overwhelming, there’s help available. Experts recommend retaining a lawyer as every state has different laws, documents, forms, and resources. A lawyer can assist with documenting personal, healthcare, financial, and estate planning wishes that will be honored when a person can no longer make such decisions.

Advance Healthcare Directives
These directives communicate the healthcare wishes of a person and will be carried out even if the person can no longer make or communicate these decisions. Below are some examples of documents that can be used for advance healthcare directives:

• Power of Attorney for Healthcare. The durable power of attorney for healthcare is the person designated to make healthcare decisions for the person with Alzheimer’s disease. This includes decisions on physicians, treatments, and end-of-life care.
• Living Will. A living will documents decisions on medical treatment near the end of life or if the person is otherwise unable to make decisions on emergency treatment.
• Medical Release Information/Hospital Visitation. Although these are not advance directives, it’s a good idea to have these documents in place so that anyone who needs to have access to your medical information does and so the hospital or care facility is aware of anyone who should or should not visit.

Advance Financial Directives
These directives communicate the financial wishes of a person and should be created while they can still make these decisions. Below are some examples of commonly used documents:

• Power of Attorney for Finances. The durable power of attorney for finances is the person who is entrusted to make financial decisions on behalf of the person with Alzheimer’s disease when they no longer can do so.
• Will. A will documents how a person’s assets are to be distributed upon death. This can even include funeral arrangements or responsibility and care of minors.

It’s recommended that when someone is diagnosed with Alzheimer’s disease, they move into legal and financial planning as quickly as possible. In some instances, it may take time to implement these documents, or someone may decline more rapidly than expected. Be sure to distribute copies of these legal forms to your attorney, your family, and anyone else who may need them.


Sources:

National Institute on Aging. Legal and Financial Planning for People with Dementia. Accessed January 28, 2023. https://www.nia.nih.gov/health/legal-and-financial-planning-people-alzheimers
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Alzheimer’s Association. Legal Planning. Accessed January 28, 2023. https://www.alz.org/help-support/i-have-alz/plan-for-your-future/legal_planning
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Alzheimer’s Association. Financial Planning. Accessed January 28, 2023. https://www.alz.org/help-support/i-have-alz/plan-for-your-future/financial_planning Opens in a new window

Last updated: February 10, 2023

By: © PAS Wellbeing Media, LLC. Reprinted with permission. All rights reserved.