5 Estate Planning Documents Every Maine Family Should Have When Facing Alzheimer's or Dementia

In our previous article for Alzheimer's & Brain Awareness Month, we discussed why planning ahead is so important for Maine families.

One of the biggest challenges associated with Alzheimer's disease and other forms of dementia is that a person's ability to make decisions can change over time. That's why it's important to have key legal documents in place before they are needed.

Understanding the estate planning documents Maine families should have when facing Alzheimer's or dementia can help ensure that healthcare decisions, financial matters, and personal wishes are protected if memory loss or cognitive decline becomes a concern.

Here are five estate planning documents that can help protect you and your loved ones if memory loss or cognitive decline becomes a concern.

1. Durable Financial Power of Attorney

A durable financial power of attorney allows you to choose someone you trust to handle financial matters on your behalf if you become unable to do so yourself.

Depending on the authority granted, this person may be able to:

• Pay bills
• Manage bank accounts
• Handle insurance matters
• Access financial records
• Manage investments

Without a power of attorney, family members may need to ask a court for authority to act on your behalf.

2. Healthcare Power of Attorney

A healthcare power of attorney allows you to name someone to make medical decisions for you if you are unable to communicate your wishes.

This person may be called upon to:

• Speak with doctors
• Review treatment options
• Make healthcare decisions
• Advocate for your wishes

Choosing someone you trust can help ensure your preferences are respected during a medical emergency or period of incapacity.

3. Advance Healthcare Directive

An advance healthcare directive provides guidance about the medical care you would want to receive if you are unable to make decisions for yourself.

This document can help answer important questions about:

• Life-sustaining treatment
• End-of-life care
• Comfort care preferences
• Other healthcare decisions

Having your wishes documented can reduce uncertainty and stress for your loved ones.

4. Revocable Living Trust

A revocable living trust can be an important tool for managing assets during your lifetime and distributing them after your death.

For individuals concerned about future incapacity, one of the key benefits is that a successor trustee can step in and manage trust assets if needed.

This can help provide continuity and avoid disruptions in financial management.

Not everyone needs a trust, but it may be worth discussing with an estate planning attorney as part of a comprehensive plan.

5. A Current Will

A will remains an important part of most estate plans.

A will allows you to:

• State who should receive your assets
• Name a personal representative to handle your estate
• Express your final wishes

While a will does not address every issue related to incapacity, it remains an essential planning document for many families.

Don't Forget to Review Your Beneficiaries

In addition to these legal documents, it is important to review beneficiary designations on:

• Retirement accounts
• Life insurance policies
• Payable-on-death accounts

These designations should reflect your current wishes and be reviewed periodically.

Planning Ahead Can Make a Difference

No one wants to think about the possibility of Alzheimer's disease or dementia. However, taking time to put the right documents in place today can make life much easier for your loved ones in the future.

As we recognize Alzheimer's & Brain Awareness Month, consider whether your estate plan reflects your current wishes and circumstances.

Ready to Review Your Estate Plan?

If it has been several years since you reviewed your estate planning documents—or if you do not yet have a plan in place—now is a good time to start the conversation.

Contact our office to learn how proactive planning can help protect you and your loved ones and provide peace of mind for the future.