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In a recent interview, estate planning attorney Michele Ungvarsky, founding lawyer at Estrada Law, PC. in Las Cruces, NM, revealed the importance of estate planning for a spouse amid the rise in dementia.For more information please visit https://www.estradalawpc.com
When asked to comment, Ungvarsky said, “With the onset of dementia comes symptoms such as loss in memory, poor thinking, and a decrease in problem-solving skills. Due to this loss in mental function, it's imperative to have an estate plan in order.”
She further added that there are main documents to have for those who have spouses with dementia.
In her experience, Ungvarsky says that the healthy spouse should have a living trust.
Ungvarsky continued by saying, “The ideal time to plan is before any illness is diagnosed, however we can still plan using a living trust if their spouse has dementia. Many assets can be placed in this trust, and it allows for the healthy spouse to take control of the assets and keep everything functioning normally. This also means that as the spouse with dementia declines he or she will not be taken advantage of or misappropriate assets."
The symptoms of dementia render people unable to understand financial documents, their assets, or even to recognize their family members.
“Once your spouse’s dementia has progressed this far, then they will be unable to draft or make changes to an estate plan themselves, which is why documents such as a trust are a must, and should be done as early as possible,” she commented.
Ungvarsky added that living trusts allow room for further planning.
When asked to elaborate, she said, “Let’s say that the healthy spouse falls ill or passes away. With a trust, a successor trustee can be appointed to take over the management of the trust.”
While having a living trust is highly recommended, Ungvarsky says that if one has not been put in place, then an updated will, power of attorney and healthcare proxy is essential.
She added, “A will that reflects your most recent wishes will ensure that your assets land in the right hands. If you don’t have a will, then the state will decide what happens to your assets after death. A power of attorney and health care proxy allow you to chose a person to make financial and medical decisions for you when you are no longer able to do so safely for yourself.”
“If a spouse with dementia is not in the right mindset to make sound financial decisions, then they could be vulnerable to predatory behavior. But this can easily be avoided by setting up an irrevocable trust,” she said.
Furthermore, Ungvarsky added, “This trust will continue protecting your spouse and their assets in numerous circumstances after you have passed on.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Michele Ungvarsky
Email: Send Email
Organization: Estrada Law PC
Address: 1340 Picacho Hills Dr, Las Cruces, NM 88007, USA
Phone: 575-556-2462
Website: https://www.estradalawpc.com
Source URL: http://RecommendedExperts.biz
Release ID: 88935528
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