Estate planning is important for everyone, but it becomes even more essential as we age and face the possibility of cognitive decline. The recent case of Jay Leno seeking conservatorship over his wife Mavis Leno highlights the importance of proactive estate planning. With proper planning, such difficult and costly legal procedures can often be avoided. By setting up a durable power of attorney (POA) and other advanced planning measures, individuals can ensure their wishes are respected, reduce family stress, and maintain control over their affairs.
One of the primary reasons for establishing a POA early is to avoid the need for guardianship or conservatorship. These legal processes are not only complex and expensive but also time-consuming.
Another celebrity who has been diagnosed with Alzheimer’s is Notebook star Gena Rowlands. Alzheimer’s disease runs in Rowlands’ family, but the biggest risk factor for conditions like Alzheimer’s is age.
Jay Leno’s petition to become his wife’s conservator should serve as a warning about the challenges families face without proper planning. If Mavis Leno had established a comprehensive estate plan, Jay wouldn’t have needed to involve the California court system.
There are a few critical estate planning steps you can take that can help you avoid the fallout of cognitive decline. A few steps to take include:
- Create a durable power of attorney while you have mental capacity. This document is essential to maintaining control over who makes decisions for you and how those decisions are made.
- Create a financial POA that allows your chosen agent to manage your finances, pay bills, and make investment decisions if you’re unable to do so.
- Create a healthcare proxy that enables your agent to make medical decisions on your behalf.
- Choose your agents carefully: Select a trustworthy individual who understands your wishes and can make decisions in your best interest.
- Act early: It’s crucial to set up these documents while you still have the mental capacity to do so. Once cognitive decline becomes serious, it may be too late to create a valid POA.
- Consult with an experienced estate planning attorney who can help you prepare for cognitive decline. An estate planning attorney can help you set up financial and healthcare POAs, as well as an advance directive for end-of-life care. You should regularly review and update these documents so that they continue to reflect your wishes and current circumstances.
Once you have made plans, be sure to communicate your plans with family members. By discussing your estate plan, you can clarify the roles you’ve assigned to various individuals and address any concerns. This open dialogue can prevent conflict and misunderstandings and facilitate a smooth transition of responsibilities if you become incapacitated. After you have set up important documents, storing them in a secure, easily accessible location helps your family manage your affairs effectively. If you or a loved one is concerned about cognitive decline please don’t hesitate to reach out to a member of the experienced estate planning team at Amaral & Associates, P.C. Our Family Law and Estate Planning Center is here to deal with any question or concern you may have and help you take proactive steps to secure your future.
Please contact us to learn more about our comprehensive estate planning services by calling us at (617) 539-1010 ext. 111 or by emailing Attorney Edward L. Amaral, Jr. at edamaral@amarallaw.com.
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