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Create documents to manage financial affairs while you still can

On Behalf of | Nov 25, 2016 | Guardianships | 0 comments

Though Americans are working and remaining active for longer than ever before, they are also falling prey to serious illnesses that can affect their ability think clearly. Illnesses such as dementia and Alzheimer’s cause people’s mental and physical health to decline over time and Pittsburgh residents diagnosed with the illness may want to consider making some changes to their financial affairs while they still can.

Since Alzheimer’s is a gradual illness, those diagnosed can participate in discussions regarding their financial affairs early on-as they still have control over their abilities, they can understand the implications of their legal and medical decisions and ensure that their wishes are carried out when they are no longer able to speak for themselves.

A number of legal documents should be created in order to begin preparing for a time when one is no longer able to make financial decisions for themselves. Though people immediately think of creating a will to handle their financial affairs, there are also other documents that can be considered. A durable power of attorney for finances is one such document, which names people who can make financial decisions when an Alzheimer’s patient can no longer do so. A living trust can also be created, through which a trustee can hold the title to the person’s property and funds and follows the instructions laid out when they can no longer make these decisions on their own.

There are various ways people dealing with diseases that can affect their cognitive abilities can ensure their wishes are carried out when they can no longer make decisions for themselves. An experienced attorney can discuss various options with Pittsburgh residents and ensure the created documents are legally valid and enforceable.