In the event of a diagnosis of dementia you need to consider who will be the most trustworthy and responsible person to make decisions when you are no longer able to.
Everyone understands that we need to make provision for passing on, but it’s important not to forget about making arrangements, for when we are still alive. This is especially important if you have an illness that reduces your capacity to competently make decisions or care for yourself independently. Most people think end-of-life (Estate Planning) planning to be a morbid topic but it provides clarity and security, ensuring your wishes are followed, if you can no longer make these choices.
Appoint a Power of Attorney
If you aren’t able to speak or make decisions for yourself who will do that for you? A Power of attorney will let you appoint people that you trust to do it for you. A Power of Attorney gives someone you trust the legal authority to make decisions on your behalf if you lose the mental capacity to do so at some future stage. They people you appoint will make the decisions on your best interest regarding your health and financial matters.
A continuing Power of Attorney allows someone to look after your property and financial affairs immediately or when you lose the capacity to do so yourself. A Welfare Power of Attorney allows someone to make decisions about your health and Welfare – but only when you are unable to do so yourself.
Make A Will
It’s commonplace for families to fight over assets after a loved one dies. The best way to avoid this avoidable family conflict is to decide who will inherit what. This provides clarity and legal security in passing on assets to loved ones.
If you don’t make a will, there are claws in place which govern who is entitled to inherit what, but without a will this can be a drawn out process. When you write a will everyone know what your wishes were, thereby reducing the possibility of family feuds.
Plan Your Funeral
Less than 10% of people discuss the topic of they type of funeral they want with their loved ones. Having these conversations may be difficult, at first, but oftentimes can be considered helpful as it takes the pressure off loved ones at a time of grieving. Some decide to buy a funereal plan to avoid expenses for next of kin or just to have everything sorted in advance so the family can focus on other matters at such a sad time.
