A dementia diagnosis is a difficult and emotional time for any family. Symptoms often begin subtly, with behaviors like misplacing items or forgetting appointments, but they progress over time and can significantly impact your loved one’s ability to manage their life. Early planning is key to protecting their interests and ensuring their wishes are honored. Here are important steps to take after a dementia diagnosis.
Consolidate and Secure Financial Documents
One of the first steps after a dementia diagnosis is to gather and organize all financial documents. Create a comprehensive binder that includes essential documents like wills, powers of attorney, health care directives, insurance policies, and bank account information. Keep original documents in a safe place and make copies available to trusted family members. This will make managing your loved one’s affairs much smoother as the disease progresses.
Prevent Financial Fraud
Seniors, especially those with cognitive decline, are often targeted for financial exploitation. Be vigilant for signs of fraud, such as unusual spending, changes in financial habits, or new people showing undue interest in your loved one’s finances. Regularly monitor their accounts and consider setting up alerts to track suspicious activities.
Establish a Durable Power of Attorney
A durable Power of Attorney is essential for managing your loved one’s financial affairs as their condition worsens. This document allows a trusted individual to make financial decisions, manage investments, and conduct banking transactions on their behalf. It’s important to establish this while your loved one still has the mental capacity to make this decision.
Create a Health Care Directive
A Health Care Directive outlines your loved one’s preferences for medical care, long-term care, and end-of-life decisions. It’s crucial to discuss and document these choices early on, while they can still communicate their wishes. This directive should be kept in an easily accessible location and shared with family members and healthcare providers to ensure it is followed in an emergency.
Review and Update the Estate Plan
Reviewing and updating the estate plan is an important step after a dementia diagnosis. This ensures that all documents are up-to-date and reflect your loved one’s current wishes. At Axis Estate Planning, we can help you navigate these changes, ensuring that your loved one’s legacy is preserved and their final wishes are carried out as intended.
