Do You Have Appropriate Powers Of Attorney In Place?
When you sit back and take stock of your legacy the transfer of assets to your loved ones will be a priority, and of course this is what estate planning is all about. However, once you start to think along these lines the period of time that leads up to the trigger event may also enter your mind. This is why most attorneys who specialize in Mississippi estate planning would also consider themselves to be experts in the larger field of elder law and all that it entails.
One of the elder law issues that should be addressed if you want to construct a comprehensive plan that covers all of your bases as you are aging is the possibility of incapacity. Most people are aware of the existence of Alzheimer’s disease, but unless you have taken the time to look into the statistics you may be surprised at just how widespread this affliction has become.
Recent studies suggest that about 13% of Americans who reach the age of 65 are suffering from Alzheimer’s disease. In addition, once you reach the age of 85 the odds increase; 40% of the oldest old are suffering from Alzheimer’s disease. Alzheimer’s causes dementia, and as a result many sufferers become unable to make sound decisions for themselves both medically and financially.
If you were to become unable to handle your own affairs the state can be asked to step in and appoint a guardian of its choosing to act in your behalf, making you a ward of the state. You can make sure this doesn’t happen by executing the proper durable powers of attorney.
With these instruments you appoint representatives that you empower to act in your behalf should you become incapacitated. Because different people have different strengths and areas of expertise you may want to appoint two different attorneys-in-fact; one to handle your financial affairs and one to make medical decisions for you should it become necessary.
Hopefully you will never be in a situation where you can’t make decisions for yourself, but as the statistics indicate incapacity does strike, so it is a good idea to be proactive and have powers of attorney in place “just in case.”
