The Best Estate Planning Tools For Managing Mental Decline
Many people experience some form of mental decline as they grow older. And, as this mental decline occurs, making good estate planning decisions can become far more difficult.
Going over the best estate planning tools for managing mental decline, and speaking with a Florida estate planning lawyer at Millhorn Elder Law Planning Group will help you protect your estate.
What Are The Best Estate Planning Tools For Managing Mental Decline?
A wide variety of different estate planning tools can help you manage mental decline. But, out of all the estate planning tools available to you, these are the best:
- A trust that can hold all of the assets you wish to give your beneficiaries and, in doing so, guarantees that your beneficiaries will receive what you want to give them without needing to go through probate.
- A long-term care plan that will help you obtain Medicaid – among other benefits – while holding onto the assets you want to give your beneficiaries.
- A power of attorney that allows those you trust to make medical and financial decisions on your behalf, in the event that you are unable to do so.
Every single one of these tools allows you to protect your assets in a manner that guarantees they go to your chosen beneficiaries.
On top of that, these tools can make it easier for your medical wishes to be honored, in the event that you do not have the ability to make these decisions for yourself.
Many of these estate planning tools can be adjusted, allowing them to better reflect your needs as time passes. But, this isn’t always the case, so you should work with a lawyer before making any major decisions.
When Should You Begin Estate Planning For Mental Decline?
The answer to the question outlined above is “As soon as possible.” This is because, even though mental decline can be slow, subtle, or, even, unnoticeable, there are times when it happens very quickly.
If you suspect that mental decline will occur in your future, then preparing for this decline now, by setting up an estate plan, is one of the best things you can do.
By developing an estate plan prior to any sort of mental decline, you can make sure that your current estate planning wishes are recorded, allowing them to be honored in the event of your passing.
If you wait too long, though, then you may have a harder time making an estate plan. Or, for that matter, having the wishes clarified within your estate plan honored, since these wishes must be outlined when you are of sound mind.
The last thing to note is that if you suspect a family member will experience some form of mental decline, having them plan their estate right now could make things much easier for the both of you.
Speak With A Florida Estate Planning Lawyer Today
If you want to develop an estate plan that satisfies your wishes, working with a lawyer is one of the best things you can do. Speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today and we will help you develop the estate plan you want.
Sources:
law.cornell.edu/wex/trust
law.cornell.edu/wex/power_of_attorney