Leading Elder Law Attorney Rory Clark founder of the Legacy Elder Law Center in Leesburg, VA, reveals that living trusts can be an excellent way to give people peace of mind in their later years. For more information please visit https://legacyelderlaw.com
Leesburg, VA, United States - May 2, 2023 —
A living trust could help unlock a better future for those living with dementia, Leesburg Elder Law Attorney Rory Clark asserted this week in an interview.
For more information please visit https://legacyelderlaw.com
He elaborated that estate planning should be an essential tool for any couple, especially if one partner has been diagnosed or suspected of having dementia or Alzheimer's.
"In my experience, the couple should have a well-thought-out and professionally drafted estate plan built around a living trust," said Mr. Clark. "A healthy spouse will have powers of attorney to ensure correct financial and healthcare decisions for their loved one."
While the ideal time to plan is before any illness is diagnosed, a living trust can still be prepared if a spouse has dementia.
"Many assets can be placed in this trust, allowing the healthy spouse to take control of them and keep everything functioning normally," said the Founder of The Legacy Elder Law Center. "This means that as the spouse with dementia declines, they will not be taken advantage of or misappropriate assets."
As dementia sufferers become unable to understand financial documents and their assets or even recognize family members, a living trust is an excellent tool to help their spouse manage their existing environment.
Mr. Clark said living trusts allow room for further planning, adding: "If the healthy spouse falls ill or passes away, with a trust in place, a successor trustee can take over its management."
While a living trust is highly recommended, he said that if one has yet to be put in place, an update of a will, powers of attorney and healthcare directives is essential. He said: "A will that reflects recent wishes ensures assets land in the right hands. If they don't have a will, the state will decide what happens to their assets after death.”
"A financial power of attorney and advanced healthcare directives allow them to choose a person to make financial and medical decisions when they can no longer do so independently."
Mr. Clark concluded: "If there is a spouse with dementia who could fall prey to predatory behavior, this can be avoided with a living trust. This protects the spouse with dementia, and ensures assets are passed on to the correct beneficiaries when the couple passes on."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Rory Clark
Email: Send Email
Organization: The Legacy Elder Law Center
Address: Market Station, 108 South Street, SE, Suite 212, Leesburg, VA 20175
Phone: 703-783-1195
Website: https://legacyelderlaw.com
Release ID: 89095682
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