In 2018, approximately 5.7 million Americans were diagnosed with Alzheimer's and dementia, including one in 10 adults over the age of 65. As you prepare to care for your loved one diagnosed with Alzheimer’s or dementia, it’s wise to start estate planning to put certain safeguards in place. Below are a few types of estate plans and arrangements that are beneficial for a person diagnosed with this condition.

A Durable Power of Attorney for Finances

A power of attorney ensures that finances are handled in the ways you'd want them to be if illness or infirmity prevents you from managing money-related affairs. You select someone to take control of your finances and assets should the situation ever warrant it. The person you choose to handle finances can undertake several duties on your behalf, including paying hospital or long-term nursing care bills, overseeing retirement accounts, and selling certain assets.

A Health Care Directive

With a health care directive, you state your wishes for end-of-life and life-prolonging medical care. If Alzheimer's, dementia, or a related condition prevents you from making these decisions in the moment, the directive will guide your loved ones and health care providers to the most appropriate solutions. A health care directive contains two parts: a living will (in which you state what treatments you want to receive to prolong your life, such as artificial resuscitation, feeding tubes, IV liquids, and ventilators) and a health care power of attorney (in which you nominate someone to make medical-related decisions that aren't covered in your living will).

A Revocable Living Trust

This arrangement ensures the transfer of ownership of specific property between a deceased person and their stated heir; its terms, however, are enacted when the signatory is still living. The living trust becomes the owner of the property one puts into it, making it a good match for someone with Alzheimer's or dementia. The trustee has control over the property in the trust, meaning the afflicted individual is not burdened with managing property ownership.

Having the above estate planning measures will provide immeasurable peace of mind for both your loved ones and yourself. Lawyer David Schmidt of Woodlawn Law Offices has been serving St. Charles County, MO, for over 25 years. He offers representation in estate planning, ensuring your documents are thoroughly completed. Call (636) 240-6667 or visit his website to see a list of his areas of practice.