New Year’s Resolution 2: The Coma/Dementia Risk

Much of the asset-protection planning I do involves what happens when someone dies.  For example, you create a last will and testament.  But a lot of bad things can happen to us before we die.   You might be in a car accident and lose your mental faculties.  Or develop mental conditions like dementia or Alzheimer’s.   Are you prepared?

There are three relatively simple legal documents everyone should have.  A durable power of attorney names a trusted person who can take over your financial affairs if you become mentally incapacitated.   A healthcare proxy names someone to make personal and medical decisions if you are no longer able to make them for yourself.  Finally, a living will describes your wishes about what type of medical treatments you want – or do not want – at the end of your life.

If you don’t already have these three documents, make it one of your resolutions to get them.   Without them, your family will have the burden of going to court to get someone appointed to make decisions for you.   This court process not only takes considerable time and costs a lot of money, it raises the chances that family members will fight about which of them should make decisions for you.  Save your family the burden.

Conveniently located in downtown North Attleborough, we serve clients from Massachusetts and Rhode Island, especially the communities of Attleboro, North Attleboro, Taunton, Norton, Foxboro,  Norton, Wrentham, Rehoboth, Plainville, Franklin, Mansfield, Seekonk, Providence, Woonsocket, Pawtucket, Cumberland, and Lincoln.

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