According to the statistics 1 in 3 seniors dies with Alzheimer’s or another form of Dementia. Alzheimer’s is a specific form of Dementia that attacks the brain. Some facts about Alzheimer’s include:
Dementia is similar to Alzheimer’s Disease. Dementia is a general term for a mental disease that progresses to the point that the decline in mental ability eventually becomes severe enough to interfere with daily life.
The number of American’s with Alzheimer’s is growing and is expected to double or triple in the next thirty-five years. The majority of people with Alzheimer’s is age 65 or older. With American’s living longer these days, the threat seams to loom over us all. According to the Social Security Administration, a man reaching age 65 today can expect to live to age 84, and a woman can expect to reach age 86. See the figures for life expectancy here:
You can read more about Alzheimer’s at the Alzheimer’s Association here - Alzheimer’s Association Website , or by performing a Google search for an association of your choosing.
A Will is said to “speak on death”. That means a Will only becomes effective upon the person that creates the Wills (the Testators) death. A Trust has the power to manage property by dictating who has the power to act for you should certain circumstances occur. The person that creates a Trust is called the Trustor or Settlor, the Trustee is the person that manages Trust property, and the beneficiary receives the benefit of the Trust property. When one creates a Living Trust (also called a Revocable Living Trust, or a Revocable Trust) they are generally all three of these people or entities. Provisions in the Trust can dictate how the incapacity of the Trustor will be determined. Upon a determination of incapacity, the successor Trustee will assume responsibility and manage the Trust. This includes caring for the now incapacitated Trustor according to his or her wishes memorialized in the Trust document. This is a very important benefit to creating a proper Estate Plan that includes the proper array of documents including the Trust, Pour-over Will, Certificate of Trust, Durable Power of Attorney, Advance Healthcare Directive, and others. Without all the proper documents in place prior to someone loosing mental capacity, court proceeding will be needed prior to managing the patient’s affairs. This can be costly both in time and money.
For this and other significant reasons, a proper Estate Plan is important to have in place. We do our best to care for ourselves and those we care most about. Call me and let’s get your Estate Plan together to get you the peace of mind it provides.
See lots of estate planning information on my website at: www.myestate-plan.com
Thanks for reading my blog.
William Daniel Powell
This document is for informational purposes only. Nothing in this is to be considered legal advice. Nothing in this shall create an attorney/client relationship, nor shall it create a confidential relationship. If you need legal advice (in California), feel free to contact me or someone licensed to practice in your jurisdiction. I assume no liability or responsibility for actions taken, or not taken, as a result of reading this information.
Also, please remember that I speak in generalities in my blog and my website. There are so many different factors that can contribute and completely change the outcome that it would be impractical to discuss all of them here.