Estate Planning Steps to Take if Your Senior Is Showing Signs of Dementia

According to the National Institutes of Health, the number of senior Americans struggling with dementia could rise past 14 million by 2060. Family members are often the first to spot worrying signs of cognitive decline, and they may be well aware of the rising rates of dementia in Florida. What should you do if you spot the early signs of dementia? Should you consider estate planning in Tampa to protect your senior?

Have an Honest, Open Discussion 

The first step requires no complex legal processes. Sit down with your senior loved one and have an open, honest discussion about the future. You should have this conversation as soon as possible, as it may become increasingly difficult to talk as the dementia symptoms advance. Soon enough, your senior may be too confused to think about the future – and the most logical estate planning steps.

Express your concerns and respect your senior’s input. Avoid going behind your senior’s back and making important decisions without their knowledge. Not only is this unethical, but it may also be illegal. Until your senior officially becomes mentally incapacitated, they will remain in control of their own finances and healthcare. Estate planning for seniors with early signs of dementia should be a collaborative effort – one in which the entire family gets a say.

Consider Your Estate Planning Options 

A key priority should be asset protection. As your senior continues to struggle with cognitive decline, they may become increasingly vulnerable to all kinds of scams. Hackers and con artists understand how easy it is to fool someone with dementia, and they specifically target these senior citizens.

Fortunately, families can implement various asset protection strategies to shield not only the senior’s life savings – but also potential inheritance funds. An obvious choice is a trust, which involves checks and balances before the senior can access any funds. You might also consider basic online banking protections, such as two–factor authentication (2FA).

Estate Planning for Healthcare Decisions 

Aside from financial matters, families might also want to consider future healthcare decisions as the cognitive decline advances. Soon enough, your senior may be unable to make choices about their own healthcare.

One option is a medical power of attorney, which identifies an “agent” to make decisions on your senior’s behalf. Another option is an advance directive or “living will,” which allows your senior to make certain medical decisions ahead of time. For example, they can decide whether to have their organs donated to medicine or science. They may also decide when they wish to be removed from life support ahead of time.

Can an Estate Planning Lawyer in New Port Richey Help Tackle Dementia? 

An estate planning lawyer in Tampa may be able to help families take decisive steps after the first signs of dementia appear. While this can be a worrying time for everyone, estate planning can alleviate concerns and provide a sense of confidence for the future. That said, each family is different – and it may be difficult to assess the right steps through online research alone. For more targeted guidance, consider a consultation with Knudsen Law today. Reach out now to get started.

Sources: 

pubmed.ncbi.nlm.nih.gov/36918389/#:~:text=An%20estimated%206.7%20million%20Americans,prevent%2C%20slow%20or%20cure%20AD.

blog.ssa.gov/minimizing-the-risk-of-scams-for-people-living-with-dementia/