One of the most debilitating things that face our elderly loved ones is a cognitive decline. While there is a normal amount of mental decline in seniors, diseases like dementia and Alzheimer’s are crippling and can leave a family facing serious financial decisions. Having a plan can prevent the making of hasty decisions in an emotional time.
Don’t Wait
- You may think that putting off having a plan is okay because there is plenty of time to recognize a mental decline. While this is true in some cases, others happen swiftly and without much warning. Symptoms of a serious disease can be easy to overlook or even miss until it is too late. If a plan is in place before anything happens, then even if it is never used, it is there should it be needed.
Create a Family Album
While you may have many family albums that contain photographs, this one is more of a collection of documents should things begin to decline. Making sure that critical documentation is easy to find and centrally located when it is needed can reduce time and effort should a crisis happen. Documents to keep on hand are:
- Will
- Deeds for Property
- Power of Attorney
- Beneficiary designations
- Online passwords and important websites
- Contact information for doctors, attorneys and financial representatives
- Medical records
- Living Will
- Health Care Proxy
Looking for an elder law expert to help with your estate planning? Contact the experts at Stano Law group today.
Leave A Comment