Advance directives for financial and estate management must be created while the Care recipient (cr) still can make these decisions sometimes referred to as having…

Try: Advance directives for financial and estate management must be created while the Care recipient (cr) still can make these decisions sometimes referred to as having legal capacity to make decisions these directives may include some or all of the following a will indicates how a person person’s assets and estate will be distributed upon death it also can specify arrangements for care of minors gifts trusts to manage the estate funeral and or burial arrangements medical and legal experts say that ta cr with a newly diagnosed long term illness and his or her family should move quickly to make or update a will and secure the estate a durable power of attorney for finances names someone to make financial decisions when the cr no longer can it can help crs and their families avoid court actions that may take away control of financial affairs a living trust provides instructions about the person person’s estate and appoints someone often referred to as the trustee to hold title to property and funds for the beneficiaries the trustee follows these instructions after the person no longer can manage his or her affairs the cr also can name the trustee as the health care proxy through the durable power of attorney for health care a living trust can include a wide range of property provide a detailed plan for property disposition avoid the expense and delay of probate in which the courts establish the validity of a will state how property should be distributed when the last beneficiary dies and whether the trust should continue to benefit others information references "caring for a person with alzheimer’s disease your easy-to-use guide from the national institute on aging" by national institute on aging 2011 available at www nia nih gov

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Categories: Sage, Topic, Financial, Legal, Medical Physical

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Keywords: Financial planning estate planning legal documents finances money

*This information is listed as a Fact Sheet and is not explicitly medically licensed

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