It's hard to put into words what it feels like to find out that your mother, father, or someone very close to you has Alzheimer's Disease. In the beginning, they may be able to carry out everyday tasks, such as managing money, as normal. But we know that as the disease progresses, memory and decision-making abilities decline. At that time, we have to make decisions that are in their best interests. This is not an easy task. But don't worry, if we prepare for these things in advance, we can reduce the stress on the family.
The importance of preparing legal documents in advance
The most important thing we can do is to think ahead and create some clear legal documents. Through these documents, if the patient is no longer able to make decisions about their health and finances, they can delegate those decisions to someone else.
The most important thing is to involve the patient in these things while they are still of sound mind and at a mental level that they can legally sign a document. Then those decisions will be made according to their own wishes .
When discussing these matters, it is wise to seek the help of a lawyer. An attorney who specializes in legal matters affecting the elderly (elder law) can help you with the specific issues you may encounter along the way.
What are the most important legal documents we need to consider?
When planning for the future, it is important to talk to your doctor and a lawyer to understand these documents. While some of these may differ from our country's system, it is important to understand the basic idea.
| Document Name | Simply put, what happens with this? |
|---|---|
| Power of Attorney | When the Alzheimer's patient no longer has the ability to make decisions, giving another person (a trusted person) the power to make financial and legal decisions on his or her behalf. |
| Power of Attorney for Health Care | Designating a person to make all health-related decisions on behalf of the patient, such as medical treatment, choice of doctors, and end-of-life care. |
| Living Will | If someone becomes terminally ill or falls into a coma, it is important to decide in advance and put in writing whether or not they should be given life support. |
| Living Trusts | Appointing a trustee (an individual or an institution such as a bank) to manage their property (assets). When the patient is unable to manage their property, this trustee invests and manages it safely. |
| A Will | This is something that many people are familiar with. It is a document that names the person who will manage your property (the executor) and the people who should receive it (the beneficiaries) after you die. |
How do you plan your finances?
It's also important to plan for how you'll pay for future medical care and living expenses. This can be a difficult conversation, but it's important to do it for the future of everyone in the family.
The first step is to be honest about your family's financial situation. Talk about everything without hiding anything.
Here are a few things to do:
- Make a list of all assets: Gather all the financial documents your loved one owns, such as property, land deeds, bank account details, bond certificates, insurance policies, etc. in one place. Don't miss anything.
- Work with a qualified advisor: Talk to someone like a financial planner, accountant, or attorney to discuss investments, future income streams, and ways to take advantage of tax deductions.
- List upcoming expenses: This is very important. Make a list of all the expenses you expect to incur over the next few years.
- Ongoing medical treatment
- Prescription medicines
- Care services
- Personal care items, for example, incontinence supplies or special dietary supplements.
By planning ahead like this, you will be more prepared to face difficult times without panicking. Remember, this is all about securing your loved one's future.
Take-Home Message
- Start planning for the patient's legal and financial affairs early in the Alzheimer's disease process. Don't put it off.
- As long as the patient has the mental capacity to make decisions, definitely include them in these plans. It is their right.
- Seek advice from a lawyer about important documents such as Power of Attorney and Living Will.
- Understand all possible future expenses and prepare a financial plan for them.
- While doing all of this, always put your loved one's wishes and respect first. Act in a way that respects their dignity.
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