Receiving a dementia diagnosis for a loved one is a life-changing event that brings both emotional and practical challenges. Dementia often starts with minor symptoms like misplacing items or forgetting appointments, but it progresses and becomes more debilitating over time. Early planning is crucial to ensure your loved one’s financial and personal wishes are respected and protected. Here are key steps to consider after a dementia diagnosis.
Gather and Organize Financial Documents
When a loved one is diagnosed with dementia, organizing their financial paperwork is essential. Begin by collecting all relevant documents—such as insurance policies, wills, healthcare directives, and bank statements—and keeping them in one secure location. It’s also helpful to create copies and share them with a trusted family member. Having everything organized from the outset can prevent confusion and make it easier to manage finances as the disease progresses.
Protect Against Financial Abuse
Seniors with dementia are particularly vulnerable to financial scams and fraud. Watch out for new people entering their lives or unusual financial activities, such as sudden withdrawals or changes in account information. Taking steps like monitoring their bank accounts and securing financial documents can help safeguard their assets from exploitation.
Create a Power of Attorney
Establishing a Power of Attorney is a crucial step in ensuring your loved one’s financial affairs are managed responsibly. This document designates a trusted individual to handle financial decisions, pay bills, and manage assets on their behalf. It’s important to set this up early while your loved one can still legally make this decision and fully understands its implications.
Establish a Health Care Directive
A Health Care Directive, also known as an advance directive, outlines your loved one’s preferences for medical care, long-term care, and end-of-life decisions. It’s essential to discuss these topics early, while your loved one can still communicate their wishes. This document will guide healthcare providers and family members in making informed decisions aligned with their preferences.
Review and Update Estate Plans
Reviewing and updating your loved one’s estate plan is crucial after a dementia diagnosis. It ensures that their current wishes are documented and helps avoid potential disputes among family members. At Duncan Legal, we specialize in elder law and estate planning, and we can assist you in navigating these complex issues to protect your loved one’s legacy.
