A New York Times article today about Alzheimer's disease is a warning to have your estate plan created or reviews. The article quotes the Alzheimer's Association estimates that there has been a 10% increase in Alzheimer's cases in the past five years. Worse, that number will more than triple in the next few decades.
This news translates into a reminder to create or update your estate plan. Statistics show that most Americans don't have a will or trust. These vital documents provide instructions for how your property and personal affairs are to be managed after you die. In addition, a complete estate plan should have documents drafted to prepare for physical or mental incapacity before one dies.
Alzheimer's can lead to incapacity which means a person lacks the ability to make decisions for him or herself. Without powers of attorney for asset managemet and health care, family members must turn to the court system causing unnecessary expense, delay and heartache. The cost to create or update an estate plan is usually far less than the financial and emotional toll taken when one dies or is incapacitated without one.
As an estate planning attorney, I welcome your questions and comments.
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