If you are a serious minded and mature individual you should take action to put a comprehensive long-term plan in place. Estate planning is of course one component and taking care of your loved ones financially is certainly going to be a priority. However, there are other things to consider as well and one of them is the possibility of incapacity.
People are living longer than ever before, with the average lifespan being around 78 years in the United States at the present time. Of course this is an average, and in fact the segment of the population that is at least 85 years of age is growing faster than any other.
According to the Alzheimer’s Association roughly 40% of people who are 85 years old and older are suffering from Alzheimer’s disease. As you may know Alzheimer’s causes dementia. People who experience dementia can find it impossible to make sound medical and financial decisions.
To be certain that people of your choosing wind up acting in your behalf in the event of your incapacity you must execute durable powers of attorney. Because of the fact that these vehicles are in fact “durable” they remain in effect even if the grantor was to become incapacitated.
If you execute a durable power of attorney for health care decisions and another one for financial matters you could name two different people to act as attorneys-in-fact. This would be appropriate if you feel as though the ideal financial decision maker is not the person that you would want to see making your medical decisions.
To learn more about crafting a comprehensive plan for aging simply take a moment to arrange for a consultation with a licensed Somerset County elder law attorney.