Are you gambling with your future?
We all want to stay in charge of our own lives.
As we age, we can find it helpful to delegate more, whether to automatic deposit and automatic withdrawal or to Uber and pre-cooked meals.
How do we know when to delegate more? And what should we delegate?
Since half of the people over 85 suffer from some form of dementia, we certainly want to prepare written orders to our delegates before then.
Maybe we want to do it before 80. Roughly half of us won’t live to see 85. Rush University Medical Center in Chicago’s Memory and Aging Project studies people in retirement communities in eastern Illinois. One important finding is that there is a “terminal drop” in cognitive functioning three to four years before death.
So it appears that we should map out our rocking chair years no later than 75. We can always countermand our agents under a Medical or Durable [Financial] Power of Attorney. But to have a happy old age, we must mind the gap.
What do you need to know before you create a Power of Attorney? Read more here: Your Power of Attorney.
An Elder Law Attorney can help with health and personal care planning including powers of attorney. Read more for 12 Ways and Elder Law Attorney Can Help You.
Estate Planning attorney, Terry Garrett, is a member of the National Academy of Elder Law Attorneys and is active in the Texas and Austin Bar Associations. She graduated with honors from Cornell University. She was on the Dean’s List at Wharton Business School. She earned her J.D. at Columbia Law School, receiving the Parker Award and a Mellon Fellowship.
She assists families of people with special needs, people planning for the retirement years and people administering estates.