The Connection Between Alzheimer's and Estate Planning
Nearing the end of the year makes for an excellent opportunity to review estate planning documents and determine next steps. However, it's also important to think about the fact that November was named as National Alzheimer's Awareness Month in 1983.
When Ronald Reagan stipulated this awareness month at that time, fewer than 2 million individuals in America were suffering with that diagnosis. However, those numbers today have almost tripled. More than 5 million Americans are living with Alzheimer's. The cost of Alzheimer's and related dementias will reached $236 billion in 2016 alone.
It is important to consider the signs and symptoms that indicate that a loved one may be suffering with the early stages of Alzheimer's or another time of dementia. This is the appropriate time to put together adequate provisions to plan for someone who is battling this disease as well as to think about the most appropriate way to handle estate administration after someone passes away.
One of the most important elements of planning ahead for someone who may be developing Alzheimer’s disease is time. The effectiveness of any legal documents that are drafted and signed depends on the individual's legal capacity to sign these estate planning documents. A person who is in the later stages of Alzheimer’s may not be in the right frame of mind to sign these documents and this could generate conflicts down the road. It's important to reach out to an experienced Ohio estate planning attorney to discuss options related to planning ahead for a loved one.