Alzheimer’s can devastate a family, leaving an individual with lost memories and an inability to live on their own. This is concerning for many reasons, with one of them being the diagnosed individual’s ability to plan for their future care, their finances, and their asset distribution upon passing. These are key aspects of estate planning, but can an individual with Alzheimer’s even create a legally binding estate plan?
Can someone with Alzheimer’s develop a legally valid estate plan?
It depends on the circumstances. For an estate plan to be valid, its creator has to have testamentary capacity at the time of its creation. This means that when estate planning documents are signed, the individual must:
- Understand the nature and extent of their assets
- Understand their relationship with named heirs and beneficiaries
- Understand how their assets will be distributed in accordance with the estate plan
- Understand how all of these matters are linked together to make the totality of their estate plan
Therefore, even someone who suffers from Alzheimer’s or dementia could experience a period of lucidity that allows them to meet these requirements.
What someone with Alzheimer’s should include in their estate plan
Although an estate plan should have clear instructions for the distribution of estate assets upon death, for Alzheimer’s sufferers, health care directives and powers of attorney are a must. These documents allow them to name an individual they trust to make health care and financial decisions on their behalf if they become incapacitated to the point that they can’t make those decisions for themselves.
Do you need to know more about estate planning when Alzheimer’s is implicated?
The estate planning process can be incredibly intricate when issues like Alzheimer’s are implicated. That’s why the earlier you or your loved one can start planning the better. If you want to know more about what that process looks like, then please continue to browse our website and read our blog.