Many individuals believe about estate planning as being a simply monetary matter, however if you are serious about planning for the future it is necessary to think about all of the legal implications of aging.
Individuals do not usually die at an advanced age suddenly after being in good health approximately the minute of their death. It is not uncommon for elders to experience a duration of inability before passing away, and this is something that must be taken seriously and prepared for intelligently.
There are always going to be those who like to say “this will never occur to me,” so let’s have a look at the stats. The section of the population that is made up of individuals who are at least 85 years old is the fastest-growing age group in the United States. Medical science is making advances every day, so you might extremely well live into your mid-to-late 80s and beyond.
According to the Alzheimer’s Association, 40% of individuals who reach the age of 85 are Alzheimer’s patients. Alzheimer’s causes dementia which can make it difficult for people to make sound medical and financial decisions. Because, as we all understand, Alzheimer’s is not the only cause of incapacitation you can see that the possibility that you might not be able to make your own choices– or you might not desire to – eventually is a genuine one.
The method to proactively resolve this eventuality is through the development of long lasting powers of attorney. With these files you empower people of your selecting to make decisions in your place must you end up being not able to do so yourself. Many individuals will carry out a durable financial power of attorney and a long lasting medical power of attorney, calling 2 different particular attorneys-in-fact based on their willingness and ability to make noise decisions and perform your dreams in each area.
It is quite possible that you will be able to make your own choices throughout your life. However, it is very important to be prepared “simply in case,” and this can be achieved through the execution of these documents.