Estate planning for those with a brain disease

Estate planning for those with a brain disease

On Behalf of | May 26, 2020 | Blog, Estate Planning |

For many people in Louisiana and across the country, putting together an estate plan can be challenging. However, for those suffering with a neurological disease, the matter can be more complex. For this reason, these people might consider taking proactive steps in the early stages of their disease to protect their finances and create a secure estate plan for their future.

There are practical estate-planning methods for those suffering with a neurological condition

It can be helpful for those suffering with a brain condition to consider giving duplicate copies of all their financial records to someone trustworthy, such as a family member, a certified public accountant or another financial professional. This person may be able to offer advice or find any problems that the person appointed as power of attorney may have missed.

Furthermore, those whose condition causes them to be home bound may wish to consolidate their accounts, arrange revenue sources for automatic deposits and utilize online banking with automatic billing. They might also consider authorizing their power of attorney agent or a co-trustee of a revocable living trust to handle their administrative matters alone. Some other proactive steps they can do are as follows:

• Save all documents electronically
• Put together copies of healthcare documents in an envelope in the event of an emergency and place the envelope in an clear place where it can easily be found
• Type a list of details, such as reoccurring bills, income sources, key contacts, and any other emergency instructions and save it to a computer file

Several key estate-planning documents that can be backed up electronically

Here is a list of some key estate planning documents. It is also a good idea for those with underlying health conditions to regularly review and update them.

• A will
• Beneficiary designation forms for all accounts
• A revocable trust
• A living will
• Power of attorney
• Health care proxy
• Irrevocable trusts
• Property deeds
• Insurance policies

If you are suffering from a brain disease, you might be wondering how to protect your assets in the event your condition worsens. With some preparation, you can have peace of mind knowing your estate plan will be carried out according to your wishes.